Founder closer to taking company private

Thursday, May 12, 2005 | 9:30 a.m.

Michael Shustek, founder and chief executive of Vestin Group Inc., said on Wednesday that he will acquire 352,471 shares of the company through a previously announced tender offer.

With the acquisition, he will own more than 2.4 million shares -- about 95 percent -- of the Las Vegas lending company. Through the tender offer, the shares will be purchased for $2.85 each.

In a statement, Shustek said he will acquire the remaining outstanding shares through a "short-form merger," also for $2.85 a share.

Additionally, Vestin filed documents requesting the delisting of its common stock and the suspension of its reporting obligations to the Securities and Exchange Commission. The company said it expected the deregistration to become effective within 90 days.

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