On November 14, 2008 underwriters exercised their option to purchase 7,500,000 shares of the CB Richard Ellis's Class A common stock at $3.77 per share. The estimated net proceeds of the offering have increased to approximately $207.1 million. While the $3.77 price per share is less than 16% of its 52 week high of $24.75, its ability to raise capital in the credit crunch is notable.
Buyback program increased from $500MM to $635MM.
Lehman Brothers reduced the target price for CB Richard Ellis to $37 from $47 as it expects the sub-prime market to have a negative impact on the stock. The EPS estimates for FY07 have been reduced to $2.75 from $2.3.
CBG Completes Acquistion of TCC for $2.2BB.