Robert Maguire ends bid for company he founded: report

NEW YORK (Reuters) - Robert Maguire III, the head of Maguire Properties Inc (MPG.N: Quote, Profile, Research, Stock Buzz), one of the biggest owners of Los Angeles office buildings, has abandoned his quest to buy the company he founded and is on the verge of being forced out as chief executive and chairman, the Wall Street Journal reported on Friday.

Citing "people familiar with the matter," the Journal said Maguire's board is under pressure from hedge fund investors and is expected to vote tomorrow to replace Maguire as chief executive with Nelson Rising, a former Maguire executive. Rising was the CEO of Catellus Development Corp, which was acquired by warehouse and distribution center leader ProLogis (PLD.N: Quote, Profile, Research, Stock Buzz) in 2005.

The board also is expected to install board member Walter Weisman, who chaired the independent committee that was exploring strategic options, as Maguire chairman, the Wall Street Journal said.

(Editing by Andre Grenon)