Shares in Maguire Properties Inc. dropped nearly 5 percent Monday after an independent directors’ committee refused to consider Chairman Robert Maguire’s bid to pay $745 million for a portion of the company.

Maguire’s offer values shares in downtown L.A.’s biggest landlord at $21 per share a 23 percent premium on Friday’s closing price of $17.07.

The special committee was formed last month to review strategic alternatives to increase shareholder value after the company nixed an outright sale amid turmoil in the credit markets. The company added it will continue to review alternatives to increase shareholder value.

Maguire also proposed that the Los Angeles company sell most of its assets outside Orange County and pay investors a special dividend funded by the proceeds.

Maguire owns 2.5 million shares, or 5.3 percent, of the company he founded 40 years ago.

Shares in Maguire were down 4.5 percent to $16.31 in early trading Monday.