REALTY CORP. NEWSGottlieb Daniel M • April 16th, 2001 • Real estate investment trusts
BEVERLY HILLS, California; April 13, 2001. G&L Realty Corp. (NYSE: GLR) today announced that it has entered into an agreement in principle with Daniel M. Gottlieb and Steven D. Lebowitz, the Chief Executive Officer and the President, respectively, of the Company, under which they would acquire all the outstanding shares of Common Stock of the Company not held by them for a cash price of $11.25 per share, subject to adjustment downward (but not below $11.00 per share) if certain transaction expenses exceed an agreed upon amount. The agreement in principle contemplates that the acquisition of the shares would be effected through the merger of an entity newly formed by Mr. Gottlieb and Mr. Lebowitz into the Company. It is currently contemplated that the merger would be completed in the third quarter of 2001.
