.The announcement would seem to mark the close of a year-long effort by the company's two top executives, Daniel M. Gottlieb and Steven D. Lebowitz, to buy all the shares they don't already own and to remove the company's stock from trading on the New York Stock Exchange.
Gottlieb, the trust's CEO, is the "G" in G&L Realty. Lebowitz, the REIT's president, is the "L."
The two executives offered to pay $10 a share cash for the common shares they don't already own when they launched their buyout proposal last fall. They raised the offer to $11 a share in February, then to $11.25.
Late last week, a special committee of G&L's board recommended shareholder approval of the proposal after the bid was raised to $13 a share in cash. In doing so, the committee rejected an offer by a rival suitor, private investor Lyle Weisman, saying the committee had "growing concerns ... as to the intention and ability of Lyle Weisman and his associates to consummate a transaction."
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 owned a combined 29% of the company's 2.33 million shares when they launched their buyout bid a year ago.
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