Burnham Pacific Votes to Liquidate Company

San Diego-based Burnham Pacific Properties Inc., one of the largest strip-mall owners on the West Coast, said that its board voted to liquidate the company after deciding that bids by potential acquirers weren’t high enough. The plan will be considered by shareholders at Burnham’s annual meeting Oct. 18. The board plans to hire a third party to manage the liquidation. The real estate investment trust hired Goldman, Sachs & Co. last year to review options for the company. Burnham’s board rejected takeover proposals and a reorganization of the company, Burnham said. As part of the liquidation plan, J. David Martin resigned as CEO and director. Scott C. Verges, chief administrative officer and general counsel, will be interim CEO. Burnham shares closed at $5.13, unchanged, on the New York Stock Exchange before the announcement.