Maguire Plans to Take Company Private

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Any time a film pans over this city’s downtown skyline, it is like watching a home movie of the last 40 years of Robert Maguire III’s life. His towers span its breadth, the iconic U.S. Bank Tower, the tallest building west of the Mississippi, at its center, the Wall Street Journal reports.


Now, at 72, the prolific real-estate developer is fighting to hold on to much of the portfolio of office buildings he’s been assembling since 1966. Maguire Properties Inc., the company he took public four years ago, is under attack by a group of hedge funds that bought up its shares on the cheap and has succeeded in pressuring the board to put the company up for sale.


To fight back, Mr. Maguire revealed to The Wall Street Journal, he has lined up investment firm Colony Capital and the Qatar Investment Authority — the Persian Gulf emirate’s main investment vehicle — as partners for a bid to buy the company and take it private.


Mr. Maguire declined to say what price he would offer but says that it’s already “fully financed.” Based on the current stock price, the company could be worth at least $6 billion, including debt. Mr. Maguire says he and his partners are putting “substantial” cash into the deal and already have lined up bank financing for the remainder. “We will be aggressive bidders,” he says.


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