Dan Loeb's Activism On Maguire Properties (MPG) Heats Up After A $20/Share Offer Surfaces
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UPDATE: Shares of Maguire Properties Inc. (NYSE: MPG) have jumped 6% mid-day following a disclosure from large shareholder Daniel Loeb, through his Third Point LCC hedge fund, that he has a copy of a letter indicating that a "viable" third party recently approached the Company with a $20 per share buyout.
Loeb noted that the proposal has been withdrawn, but he thinks the proposal can still be converted into a fully-financed, unconditional offer if the Company takes certain steps.
In the filing, Loeb threatens that he "will not support a board that does not exercise its fiduciary obligation to maximize shareholder value." Loeb also states that he will, "take whatever steps necessary to protect and maximize their investment."
The filing showed that Loeb's firm held a 8.8%, or 4,225,000 share, stake in Maguire Properties.
Shares up MPG are currently trading at $12.76, more than 50% below the $20 offer.
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