CBRE going public.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. has filed papers with the Securities and Exchange Commission to offer $150 million in public shares. 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. published reports, the firm's decision might have to do with the $80 million debt it accumulated a result of its merger with Insignia/ESG "My guess is that going public would give them additional capital to expand their operations," said Jay Goldstein, a partner with Friedman Alpren & Green LLP LLP - Lower Layer Protocol , an accounting firm. "If the offering is successful, it would mean very good things for them." According to Jonathan Mechanic, head of the real estate department with Fried Frank, CB Richard Ellis' recent merger with Insignia in·sig·ni·a also in·sig·ne n. pl. insignia or in·sig·ni·as 1. A badge of office, rank, membership, or nationality; an emblem. 2. A distinguishing sign. is likely to have been a lead factor in the decision. "They probably think that their position in the marketplace will now be valued better by the public because of their new profile and brand name," he said. The public offering is expected to consist of shares offered by CB Richard Ellis and by its affiliate, Blum Capital Partners, L.P. Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. and Citigroup Global Markets have been chosen as book-running managers. In accordance with its new status, CB Richard Ellis, which went private only three years ago, will have to publish quarterly reports on its financial operations. |
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