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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 This material may not be published, broadcast, rewritten or redistributed.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 67 67 10,289
MORTGAGES 107 107 13,434
FORECLOSURE NOTICES 24 24 2,668
BUILDING PERMITS 393 393 24,700
BANKRUPTCIES 60 60 9,952
BUSINESS LICENSES 16 16 3,752
UTILITY CONNECTIONS 149 149 14,706
MARRIAGE LICENSES 31 31 3,198

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