NTS Realty Holdings Limited Partnership (NLP) announced that the special committee of the board of directors of the Company's managing general partner, NTS Realty Capital, Inc., has received a letter from the Company's founder and Chairman, J.D. Nichols, and its Chief Executive Officer, Brian Lavin or collectively, the "Offerors" revising the non-binding proposal from the Offerors for a going private transaction.
The Offerors increased the proposed purchase price per limited partnership unit contained in the Proposal to $7.30 in response to the Special Committee's rejection of the $5.25 purchase price set forth in the Proposal.
The company previously announced receipt of the Proposal on August 31, 2012.
NTS Realty cautioned the Company's limited partnership unit holders that no decision has been made by the Special Committee with respect to its response to the revised Proposal.
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