Maguire refuses investment
- Share via
Maguire Properties Inc., the largest office landlord in downtown Los Angeles, rejected a request Monday from Boston-based Winthrop Realty Trust to buy a larger stake in the real estate investment trust.
After Winthrop announced its intentions, shares of Maguire jumped as much as 92% to $1.73 before closing at $1.25, up 35 cents.
Los Angeles-based Maguire declined Winthrop’s bid after the market closed.
Winthrop, also a real estate investment trust, already owns 9.5% of Maguire’s stock and hoped to increase its share to as much as 25%, according to filings with the Securities and Exchange Commission.
Maguire lost $96.3 million, or $2.02 a share, in the fourth quarter as it struggled with heavy debt and an unforgiving office rental market.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
