Loeb's Third Point Gets Active With Maguire Properties (MPG) Following Failed Sale
In a 13D filing after the close on Maguire Properties (NYSE: MPG), Daniel Loeb's Third Point disclosed a 7.1% stake (3,350,000 shares) in the Company. At the quarter ended December 31, 2007, Third Point did not show a stake in Maguire.
Loeb's firm paid approximately $76,044,482 to acquire the 3,350,000 shares, which works out to about $22.70 per share. MPG is currenty trading at around $16. The stock sank 16% last Friday after the company said it will no longer pursue a sale.
From the filing: "The Common Stock was acquired by Third Point without any purpose or effect of changing or influencing control of the Company. However, as a result of the announcement by the Company on March 28, 2008, that its review of strategic alternatives no longer includes the active pursuit of a possible sale of the Company, Third Point may no longer be deemed to have acquired or to beneficially own the Shares with no such purpose or effect.
Third Point may engage in communications with other shareholders of the Company, knowledgeable industry or market observers, members of the board of directors or management of the Company or other representatives of the Company regarding the Company, including but not limited to its operations, strategy, management, capital structure and the strategic alternatives that may be available to the Company."
Maguire Properties, Inc., a real estate investment trust (REIT), engages in the ownership, management, acquisition, and development of office and real estate properties primarily in California.