Loeb's Third Point: $20/Share Offer for Maguire Properties

In an amended 13D filing on Maguire Properties Inc. (MPG), Daniel Loeb's Third Point LCC, an 8.8% holder, said it was in receipt of a letter indicating that a viable third party recently approached the Company with a proposal to acquire all of the outstanding shares of the Company for approximately $20 per share in cash. Third Point said although the proposal has been withdrawn, the proposal can still be converted into a fully-financed, unconditional offer if the Company takes certain steps.

From the Filing:

The Reporting Persons are in receipt of a letter indicating that a viable third party (the "Acquirer") recently approached the Company with a proposal to acquire all of the outstanding shares of the Company for approximately $20 per share in cash (or, at the shareholder's option, stock in the resulting entity) (the "Proposal"). According to the Reporting Persons' information, although it has been withdrawn, the Proposal can still be converted into a fully-financed, unconditional offer if the Company takes steps which the Reporting Persons believe would have no negative financial or commercial implications to the Company. The Reporting Persons believe it is in the shareholders' best interests for the Company to assist the Acquirer, and any other viable bidder who may surface, in preparing for a premium offer for the Company. While a board of directors certainly has the right to determine whether it wants to sell the company it oversees, shareholders have the right to choose a board of directors whose interests are aligned with their own. The Reporting Persons will not support a board that does not exercise its fiduciary obligation to maximize shareholder value and will take whatever steps necessary to protect and maximize their investment in the Company.