United Capital forms committee to consider CEO's $23-per-share offer

By Lisa Kerner

Charlotte, N.C., July 17 - United Capital Corp. said it will form a special committee of independent directors to review an offer from chairman, president and chief executive officer A.F. Petrocelli.

Petrocelli proposed acquiring all of United Capital's outstanding common stock for $23 cash per share, it was reported in a form 8-K filed with the Securities and Exchange Commission.

The per-share offer price is a 17.7% premium over the average closing price of United Capital's common stock for the last five trading days.

According to the filing, the total estimated value of Petrocelli's proposed transaction is $270 million, including contributions of the existing equity of Petrocelli, his family members and some senior executives of the company.

The offer is not contingent on financing, the filing said.

United Capital and its subsidiaries own and manage real estate and hotel properties and provide engineered products to industrial and automotive markets. The company is based in Great Neck, N.Y.

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