Global Equity Fund (GEF), a Utah-based international real-estate development and advisory company, has received a proposal for a potential buyout from a private investor group.

The proposed deal, which would include purchase of all Regulation-S shares for a cash purchase price, would pay $2.45 per share for the outstanding stock and refinance or assume about $9 million in debt.

The private investor group wants to offer current GEF employees the chance to be equity investors in the company. The investor group currently owns 37 percent of the GEF Regulation-S shares.

The approval process could take two to five months, according to GEF spokesman Jeffrey Rosenberg. That process will be headed by a committee formed by GEF's board of directors. The committee has authority to accept or reject the proposal and to consider other proposals or alternatives.