LOS ANGELES--(BUSINESS WIRE)--July 20, 2001--CB Richard Ellis Services Inc. (NYSE:CBG)
announced that on July 20, 2001, it completed its merger with BLUM CB Corp.,
which is controlled by BLUM Capital Partners. The transaction is valued at
approximately $800 million.
Under the terms of the merger agreement, each share of
CB Richard Ellis Services common stock, other than those held by members of the
buying group, has been converted into the right to receive $16. In addition to
BLUM Capital, the buying group includes key members of CB Richard Ellis
management, Freeman Spogli & Co. and certain directors of CB Richard Ellis.
As a result of the merger, CB Richard Ellis shares will no longer be listed on
the New York Stock Exchange.
"We are pleased that the vision for and commitment
to this effort has been affirmed by our shareholders," said Ray Wirta,
chief executive officer, CB Richard Ellis. "In light of the complexity of
such a transaction, in the face of a volatile economic market, we would like to
thank our employees for their faith and support at the same time we acknowledge
the commitment and contribution of BLUM Capital Partners."
The company will continue its operations as CB Richard
Ellis throughout its worldwide service network.
CB Richard Ellis also announced today the successful
completion of the tender offer and consent solicitation for all of the
outstanding principal amount of its 8 7/8% Senior Subordinated Notes due 2006.
As of the Expiration Date, which is today, 100% of the outstanding principal
amount of the Notes had been validly tendered.
Upon the terms set forth in the Offer to Purchase and
Consent Solicitation Statement dated May 25, 2001, the company purchased all the
Notes today, which is the Payment Date under the terms of the offer.
About CB Richard Ellis
CB Richard Ellis is the world's leading real estate
services company. Headquartered in Los Angeles with 10,000 employees worldwide,
the company serves real estate owners, investors and occupiers through nearly
250 offices in 44 countries. Services include property sales and leasing,
property management, corporate services, facilities management, commercial
mortgage services, investment management, appraisal/valuation, research and
CB Richard Ellis had 2000 revenues of $1.3 billion. For
more information about CB Richard Ellis, visit the company's Web site at www.cbre.com.
About BLUM Capital Partners
BLUM Capital is a leading private equity and strategic
block investment firm with approximately $4 billion of equity capital under
management, including affiliates. BLUM Capital was founded 25 years ago and has
invested in a wide variety of businesses in partnership with management teams to
create long-term value.