Third Point: Maguire got buyout bid, but withdrawn

Hedge fund Third Point LLC said a third party made a $20 per share offer for real estate investment trust Maguire Properties Inc. but later withdrew the offer, according to a Securities and Exchange Commission filing.

Based on Maguire Properties' 48 million shares outstanding as of May 9, the offer is worth about $960 million.

In March, Maguire Properties, which has been conducting a review of strategic alternatives, said it was no longer considering a sale of the company because of current credit market conditions and the lack of a viable offer.

Third Point, which is controlled by Daniel S. Loeb, reported owning 4.2 million Maguire shares, representing a 8.8 percent stake in the Los Angeles-based company.

Third Point, in the filing, said the $20 per share offer has been withdrawn, but can be converted to a "fully-financed, unconditional" offer if the company follows certain steps.

According to the filing, Third Point believes it is in shareholders' best interest for Maguire to assist any viable bidder.

Third Point said it will not support a board that does not take the necessary steps to protect and maximize its investment.

"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 filing said.

Shares of Maguire declined to an all-time low of $11.51 earlier in the session and recently declined 10 cents to $11.90. So far this year, the stock has tumbled 59.3 percent.

A spokesman for Maguire could not be immediately reached for comment.