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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 This material may not be published, broadcast, rewritten or redistributed.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 73 391 11,120
MORTGAGES 88 481 13,903
FORECLOSURE NOTICES 0 0 2,278
BUILDING PERMITS 198 969 24,034
BANKRUPTCIES 54 288 8,432
BUSINESS LICENSES 29 126 3,771
UTILITY CONNECTIONS 67 536 13,457
MARRIAGE LICENSES 17 103 3,031

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