NTS Realty Holdings LP (NLP) said Friday that the board of directors of its managing general partner, NTS Realty Capital, Inc., has received a non-binding proposal from NTS' founder and Chairman, J.D. Nichols and Brian Lavin, its Chief Executive Officer, for a going private transaction.
The proposal contemplates the acquisition of all of the public limited partnership interests of NTS Realty Holdings not already beneficially owned by Nichols and Lavin at a price of $5.25 per share in cash.
The proposed transaction will not result in a change of control with respect to the company's existing debt arrangements, NTS Realty Holdings noted.
The board of directors plans to appoint a special committee, comprising independent directors Mark Anderson, John Daly and John Lenihan, to consider the proposal. The special committee will hire independent financial advisors and legal counsel to assist in its work.
NTS Realty Holdings expects the proposal to have no impact on day-to-day business operations.
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