Maguire Rejects $1.1B Buyout Offer

Executives at Pacific Office, a unit of Shidler Group of Honolulu, also declined to offer details on the rebuffed acquisition. “Honestly I just can’t comment,” says Jim Kasim, chief financial officer of the West Coast office building REIT, which in June acquired four San Diego-area office buildings, increasing Pacific Office's portfolio to 3.3 million leasable sf. News of the rejected offer sent shares of Maguire (MPG) down 23 cents to close at $12.37, while shares of Pacific (PCE) were unchanged at $6.60. Maguire has undergone several changes since new Maguire president and CEO Nelson Rising took over in May . The company recently announced plans to sell its Orange County assets, it launched a search for a new chief financing officer following the resignations of three executives, and began seeking new financing of $100... [read full story]