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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 This material may not be published, broadcast, rewritten or redistributed.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 66 180 11,618
MORTGAGES 81 223 15,202
FORECLOSURE NOTICES 21 68 2,979
BUILDING PERMITS 0 392 27,646
BANKRUPTCIES 90 218 11,180
BUSINESS LICENSES 26 63 4,101
UTILITY CONNECTIONS 99 422 16,906
MARRIAGE LICENSES 19 62 3,526

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