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VOL. 123 | NO. 222 | Wednesday, November 12, 2008

CB Richard Ellis Intends to Offer 50M Shares

AP

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LOS ANGELES (AP) - Commercial real estate services firm CB Richard Ellis Group Inc. said Tuesday it plans to offer 50 million shares of common stock in a public offering.

The news sent company shares plunging $1.27, or 20.9 percent, to $4.82 in morning trading. More outstanding shares would dilute the current stock price.

CB Richard said it plans to use the offering's net proceeds for general corporate purposes. If shares are sold at the closing price of $6.09 on Monday, the offering would be worth $304.5 million.

Underwriters of the deal have the option to buy an additional 7.5 million shares to cover overallotments.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 98 376 10,434
MORTGAGES 124 449 13,881
FORECLOSURE NOTICES 14 56 2,766
BUILDING PERMITS 196 798 23,420
BANKRUPTCIES 68 264 8,803
BUSINESS LICENSES 24 77 3,613
UTILITY CONNECTIONS 251 637 13,380
MARRIAGE LICENSES 21 93 3,117

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