Maguire Properties: Sale no longer considered as part of strategic review

By Lisa Kerner

Charlotte, N.C., March 28 - Maguire Properties, Inc. said it is no longer considering a sale of the company as part of its strategic review process due to current market conditions, especially in the credit markets, and a lack of third-party proposals.

The special committee of independent directors overseeing the review process said it will continue to focus on non-sale options to enhance liquidity, including dividend policy.

Maguire also announced that the special committee intends to recommend the payment of the company's preferred stock dividend for the first quarter of 2008, the release said.

It was previously reported on March 5 that Maguire was continuing its review and, as a result, amended its bylaws to change the annual meeting date to after Aug. 1.

In previous years, the Los Angeles-based real estate investment trust held its annual meeting in June.

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