Greenlee, who holds about an 11% stake in the company, says he is prepared to $12 per share for the portion he doesn't own. That amounts to almost a 35% premium to its recent closing price of $8.90 per share.
Greenlee's offer is the second to buy the company. In February, Jeffrey Jacobs, the company's CEO and part-time owner, had put in an $11 per share bid for outstanding stock. He has withdrawn that offer, opening the door to Greenlee whose proposal has come three weeks after Jacobs retreated.
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