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Founder files offer to take company private

Wednesday, April 6, 2005 | 10:59 a.m.

Michael Shustek, founder and chief executive of Las Vegas-based Vestin Group Inc., on Tuesday filed a tender offer with the Securities and Exchange Commission to purchase the remaining outstanding shares of the real estate investment firm.

The move, which was announced last month, would take the publicly traded company private. The filing indicated that a special committee formed by Vestin's Board of Directors recommended last week that shareholders accept Shustek's offer to buy the shares.

Shustek has offered $2.85 a share for the stock. Shares were trading this morning at $2.85 and have a 52-week range of $1.50 to $5.80.

There are 2.5 million Vestin shares outstanding, of which Shustek owns 2.1 million, or 81 percent, company sources said.

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