G&L Realty Corp. CEO Daniel M. Gottlieb and President Steven D. Lebowitz are now offering to pay $11 in cash for each of the shares they don't already own. Last November they offered $10 a share.
G&L is a public real estate investment trust whose stock is traded on the New York Stock Exchange under the symbol GLR. On an average day, only about 2,000 of its outstanding common shares change hands.
Founded in 1976, the health-care REIT is split into four primary groups. It has a medical-office division, a skilled-nursing division, an assisted-living facility group and a senior-care lending division.
Gottlieb and Lebowitz already own a combined 29% of the company's 2.33 million shares of outstanding stock. However, they could boost their combined holdings to 43% by simply converting their own partnership units into common shares.
The executives' revised offer will be reviewed by a special committee of G&L's board that was formed last autumn to weigh the original proposal. G&L's stock was selling for $10.50 a share in NYSE trading this afternoon, not far from its 52-week high of $10.57.
Last year, the stock traded as low as $6.50 a share, roughly 40% below its current price.
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