G&L, based in Beverly Hills, is a public real estate investment trust whose stock is traded on the New York Stock Exchange under the symbol GLR. On an average day, only about 2,000 of its outstanding common shares change hands.
To be sure, no one will ever confuse tiny G&L, which posted revenue of $34 million last year, to mighty CB Richard Ellis, which recorded $1.2 billion in 1999 worldwide revenue. Yet, the efforts to take over the companies bear some similarities.
In G&L's case, CEO Daniel M. Gottlieb (he's the "G" in G&L) and president Steven D. Lebowitz (the "L") recently offered to pay $10 a share for the 71% of outstanding common stock that they don't already own. Likewise, some of CB Richard Ellis' top brass are part of the group that's trying to take their firm private by buying the 62% of shares their own group doesn't control.
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