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Thursday, 30 November 2000

G&L Realty Execs Make Offer for REIT for $10/share

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December 1, 2000

BEVERLY HILLS, Calif. – G&L Realty Corp.'s (NYSE:GLR) chief executive officer and president – Daniel M. Gottlieb and Steven D. Lebowitz, respectively – are making a run for the healthcare REIT.

The two executives yesterday offered to acquire all the outstanding shares that they don't already own for $10/share in cash, or about $13.3 million. That represents an 11 percent premium over the REIT's current price of $9/share.

The company currently has 2.3 million shares of common stock outstanding, of which Gottlieb and Lebowitz together own about 29 percent. However, if they converted their operating partnership units to common stock, their current holdings would total about 43 percent of the company's outstanding common stock.

The offer represents a 29 percent premium over the stock's average closing price from over the last 10 days, G&L said in an announcement filed today with the SEC.

The company has set up a special committee of its board, Craig Tompkins, as chairman, Dr. Richard Lesher, Charles Reilly and Leslie Michelson, to consider the proposal.

G&L Realty's shares were trading up $0.88 at $9.00.



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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • Subject: Mergers & Acquisitions (M&A)
  • Company: Gale Co.
  • Valuation: Between $10 million and $25 million
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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