CB Richard Ellis Services, Inc. Receives Buyout Offer From Investment Group Led by Blum Capital Partners Valuing the Company at $740 Million.Business Editors LOS ANGELES--(BUSINESS WIRE)--Nov. 13, 2000 CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. Services, Inc (NYSE NYSE See: New York Stock Exchange :CBG CBG corticosteroid-binding globulin. ) announced today it received a proposal from an investor group led by Blum Capital Partners, L.P. to purchase all of CB Richard Ellis' outstanding common stock for a cash purchase price of $15.50 per share. The proposal values the company at $740 million, including approximately $400 million of debt of CB Richard Ellis that would be refinanced or assumed. In addition to Blum Capital, the investor group comprises Ray Wirta, CB Richard Ellis' Chief Executive Officer; Brett White Brett White (born April 8 1982 in Cooma, New South Wales) is an Australian professional rugby league footballer. He plays for the Melbourne Storm in the National Rugby League. , Chairman of the Americas for CB Richard Ellis; Freeman Spogli & Co.; Fred Malek, a director of the company; and the Koll Holding Company, which is controlled by Don Koll, also a director of CB Richard Ellis. The investor group currently owns approximately 38% of CB Richard Ellis' outstanding common stock. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the proposal, the investor group intends to offer employees of CB Richard Ellis the opportunity to participate as equity investors in the company. The Board of Directors for CB Richard Ellis has formed a Special Committee, which has been granted authority to accept or reject the Blum proposal and to consider other proposals or alternatives for the company. The proposal is subject to approval by CB Richard Ellis' Board of Directors and stockholders, receipt of required debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay , modification of the terms of CB Richard Ellis' senior subordinated notes to permit the proposed transaction, confirmatory legal due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and other customary conditions. About CB Richard Ellis CB Richard Ellis, headquartered in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , has 250 principal offices in 37 countries and 10,000 employees worldwide. CB Richard Ellis manages a portfolio of 422 million square feet of property in the Americas and 600 million square feet worldwide. The company placed over $7 billion of commercial debt and $15 billion of equity. 1999 revenues were $1.2 billion. For more information about CB Richard Ellis, visit the company's website at www.cbrichardellis.com. About Blum Capital Partners Blum Capital is a leading private equity and strategic block investment firm with approximately $3.8 billion of equity capital under management, including through affiliates. Blum Capital was founded 25 years ago and has invested in a wide variety of businesses in partnership with management teams to create long-term value. About Freeman Spogli & Co. Freeman Spogli & Co. is a private investment firm that invests together with management in companies positioned for growth. Since 1983, the firm has invested over $1.7 billion in 34 companies with aggregate enterprise values of more than $11 billion. |
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