NEW YORK, Dec. 7, 2011 /PRNewswire/ -- DVL, Inc.
(PINK: DVLN) announced today that it is aware of an unsolicited
tender offer to purchase shares of DVL stock at a price of
$800 per share. DVL's stock is
traded on the over-the-counter market in the Pink
Sheets.
DVL believes that a price of $800
per share represents a substantial discount to the current market
price for DVL shares, which shares last traded at $1,050 per share on December 5, 2011 and at $1,100 per share on December 2, 2011. At the time of DVL's 1 for
7,500 share reverse stock split, effective February 7, 2011, its shares were valued at
$1,050 per share ($0.14 times 7,500 pre-split shares).
With respect to the unsolicited tender offer, DVL recommends
against stockholders tendering their shares, and urges stockholders
to obtain current market quotations for their shares of DVL, to
consult with their financial advisors and to exercise caution with
respect to the unsolicited tender offer.
After the effective date of DVL's reverse stock split, in both
market and privately negotiated transactions, DVL and certain of
its insiders acquired shares of DVL at prices of up to $1,100 per share. DVL is aware that certain
of its insiders have been from time to time and are currently in
the market to purchase shares of DVL stock at market prices which
are greater than $800.
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COMPANY
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Alan E.
Casnoff
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or
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John
Hanlon
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CONTACT:
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President
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The Proxy
Advisory Group
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(212)
350-9900
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(212)
616-2189
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SOURCE DVL, Inc.