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Exhibit 99
[Press Release]
[LETTERHEAD OF G&L REALTY CORP.]
NEWS
RELEASE: CONTACT:
Immediate Michael Gordon 310-273-9930
E-mail: [email protected]
G&L REALTY CORP. ANNOUNCES RECEIPT OF A PROPOSAL TO ACQUIRE ITS PUBLICLY-HELD
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COMMON STOCK
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BEVERLY HILLS, California; November 30, 2000. G&L Realty Corp. (NYSE: GLR)
today announced that it has received a proposal from Daniel M. Gottlieb and
Steven D. Lebowitz, the Chief Executive Officer and the President, respectively,
of the Company, to acquire all the outstanding shares of Common Stock of the
Company not held by them for a cash price of $10.00 per share. This represents a
premium of approximately 29% over the average closing price of the Common Stock
on the New York Stock Exchange during the 10 trading days prior to this
announcement. The proposal contemplates a merger of an entity newly formed by
Messrs. Gottlieb and Lebowitz with and into the Company. The Series A and Series
B Preferred Stock would remain outstanding following consummation of the
transaction.
The Company currently has outstanding 2,334,000 shares of Common Stock.
Messrs. Gottlieb and Lebowitz together now directly own approximately 29% of the
Common Stock of the Company. Giving effect to the conversion of their Operating
Partnership units to Common Stock, their holdings would constitute approximately
43% of the Company's outstanding Common Stock.
The proposal is conditioned upon, among other things, approval of the Board
of Directors and stockholders of the Company, the negotiation of mutually
satisfactory definitive agreements, and the receipt by Messrs. Gottlieb and
Lebowitz of satisfactory financing to complete the transaction.
The Company further announced that a special committee of its Board of
Directors, comprised of Craig Tompkins, as chairman, Dr. Richard Lesher, Charles
Reilly and Leslie Michelson, has been established to consider the proposal. The
special committee is empowered to evaluate and, if appropriate, negotiate with
respect to the proposal and to make a recommendation to the Board of Directors
with respect to any proposed transaction.
Founded in 1976, G&L Realty Corp. is a growth-oriented health care real
estate investment trust with four major areas of operation: the Medical Office
Building Division, the Skilled Nursing Facility Division, the Assisted Living
Facility Division and the Senior Care Lending Division.
