Advertisement
YOU ARE HERE: LAT HomeCollections

Commercial Real Estate

G&L Realty to Go Private With Sale to Top Executives

April 17, 2001|From a Times Staff Writer

The board of G&L Realty Corp. has agreed to sell the small Beverly Hills-based real estate investment trust to its two top executives, a move that will transform the publicly traded firm into a private company.

Chief Executive Daniel M. Gottlieb and President Steven D. Lebowitz agreed to pay $11.25 in cash--or a total of nearly $15 million--for each of the G&L common shares they do not already own. However, the acquisition price may fall to as low as $11 a share if certain sale purchase expenses exceed a specific amount.

The sale is expected to be finalized in the third quarter of this year pending approval by shareholders.

Gottlieb and Lebowitz own about 29% of the company's shares but can boost their combined holdings to 43% by converting other securities to G&L common stock.

The two executives founded the firm, which specializes in health-care related buildings, in 1967. G&L became a real estate investment trust in December 1993.

On the New York Stock Exchange, G&L shares closed at $11.05, up 5 cents.

Advertisement
Los Angeles Times Articles
|
|
|