Maguire Properties founder buys 1.56 million shares, may become active

By Lisa Kerner

Charlotte, N.C., Jan. 15 - Company founder and former chief executive officer Robert F. Maguire III bought 1,555,000 shares of Maguire Properties, Inc. stock for a total of $2.99 million between Dec. 9 and Jan. 13, it was reported in a schedule 13D/A filed with the Securities and Exchange Commission.

Maguire said he owns 10,597,036 shares and operating partnership units represent approximately 19.4% of the combined outstanding common equity of Maguire Properties and its operating partnership.

In a statement released on Thursday, Maguire said he is considering various alternatives to his investment in Maguire Properties. He may choose to discuss the strategic direction of the company with other shareholders and strategic partners. Maguire also said he may acquire additional shares or acquire all of the outstanding shares of common stock of Maguire Properties that he does not currently own.

Maguire said there is no assurance that he will pursue any transaction.

In April 2008, Maguire expressed an interest in pursuing a plan that included the sale of the company's non-Orange County assets, with proceeds used for a special cash distribution of $18.18 per share to Maguire Properties' shareholders.

Maguire also wanted to begin a cash tender offer for about 75% of the Los Angeles-based real estate investment trust at $2.82 per share.

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