MPG Shares Surge Amid Rumor of Interest by Investors, Compass Point Says Portfolio of Buildings Could Be Valued at $4.30-5.60/Share
Shares of MPG Office Trust (NYSE: MPG) have rallied more than 10 percent Tuesday morning following early-morning headlines from Bloomberg which suggested Robert Maguire, the founder of a predecessor to MPG, and several other investors may be planning a bid for the remaining buildings in LA owned by MPG.
A research note from Compass Point's Wilkes Graham added fuel to the rumor fire, saying Maguire could value the portfolio of MPG buildings in the range of $4.30-5.60 per share. Graham said this price considers unrestricted cash as well as property-level debt.
Compass Point maintains a Buy rating and $3.50 price target on shares of MPG.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.