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LOS ANGELES-G&L Realty Corp., the Beverly Hills-based real estate investment trust, has rejected a merger proposal from the Weisman Group, according to a recent company announcement. A special committee of the G&L Realty board of directors has declined the offer because it is not in the form of a definitive acquisition agreement.

According to a letter that G&L Realty has sent to the Weisman Group, the company will not consider any proposal unless “it is in the form of a definitive acquisition agreement executed by you, which becomes immediately binding upon execution and delivery to you by the company and which is accompanied by a deposit of not less than $2.5 million.” The two companies have been negotiating the merger for months. However, G&L Realty officials have said they will not spend any more time or resources considering further proposals unless “they are in the form of an offer capable of being accepted.”

Founded in 1976, G&L Realty is a health care real estate investment trust with four major divisions. The trust specializes in medical office buildings, nursing facilities, assisted living facilities and senior care lending.

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