Maguire Properties (MPG) Higher On Takeover Speculation

Shares of Maguire Properties Inc. (NYSE: MPG) are higher Monday following an analyst suggestion that the company is the target of a buyout. According to reports from AP, Merrill Lynch analyst Ian C. Weissman said, "While Maguire has not officially put the company up for sale, a recent newsletter highlighted the possibility of a privatization by Maguire which could involve a partial buyout by existing management." Weissman said a buyout could value the company's shares at $43 to $45, according to the report.

In addition to the takeover speculation, an upgrade from Wachovia Securities to Outperform is contributing to today's move.

Shares of Maguire Properties are 7% higher to $40.14 in mid-day action Monday.