Global property advisor CB Richard Ellis announced on Tuesday that it plans to offer 50 million shares in a public offering. The underwriters of the proposed offering an option to purchase an additional 7.5 million shares to cover over-allotments. Although CBRE declined to price the offering, it could raise up to $355 mln (EUR 280 mln).
Global property advisor CB Richard Ellis announced on Tuesday that it plans to offer 50 million shares in a public offering. The underwriters of the proposed offering an option to purchase an additional 7.5 million shares to cover over-allotments. Although CBRE declined to price the offering, it could raise up to $355 mln (EUR 280 mln).
The company said that it intends to use the net proceeds of the offering 'for general corporate purposes, such as the repayment of debt, and additional acquisitions'. Credit Suisse Securities (USA) and Bank of America Securities will act as joint bookrunning managers for the offering.
Shares in the property broker fell as much as 30% on Tuesday afternoon, trading at $4.66 at 2.30pm eastern time.
