National Health Terms Buyout Bid Inadequate

National Health Investors(NHI Quote) said a buyout offer by the company's CEO is an "inadequate" proposal.

The health care real estate financier said Andrew Adams, who also is a significant shareholder in the company, has offered to buy the company for $30 a share in cash or equity.

A special committee formed by NIH's board has already informed Adams, who gave his offer last Thursday, that the proposal is "inadequate" and that the committee wants more information about the proposal.

Shares of National Health closed Tuesday at $29.93.

The committee, which has hired Blackstone Group as an adviser to the proposed transaction, will review and assess the details of the proposal when provided to determine the appropriate course of action, the company said.