01—Abstract
Summary
Summary of the 8-K filed February 19, 2004. Cited figures are marked; the original filing is the authoritative source.
CB Richard Ellis Group, Inc. (formerly CBRE Holding, Inc.) filed this Form 8-K to report two press releases issued February 17, 2004.
The first announces that the company has filed a registration statement with the SEC for a proposed initial public offering of common stock, consisting of newly issued primary shares from the company and secondary shares sold by affiliates of Blum Capital Partners, L.P. and other selling stockholders, with an over-allotment option for the selling stockholders. Credit Suisse First Boston and Citigroup Global Markets are the joint book-running managers. The registration statement had not yet become effective at the time of filing, and no securities could be sold until it did, so no offering terms such as price, size, or share count are disclosed in this filing.
The second press release discloses that the parent company's name changed from CBRE Holding, Inc. to CB Richard Ellis Group, Inc., effective February 13, 2004. The company is the parent of CB Richard Ellis Services, Inc. and describes itself as the world's largest commercial real estate services firm by 2002 revenue, with approximately 13,500 employees and more than 220 offices in 48 countries. Core services include property sales, leasing and management, corporate services, facilities and project management, mortgage banking, investment management, capital markets, appraisal and valuation, research, and consulting.
For investors, the filing is primarily a disclosure of intent rather than of financial results. It confirms a planned IPO and a corporate rename, and it references Q4 2003 earnings to be released on February 18 but does not include the financial figures themselves. Investors should consult the forthcoming registration statement and prospectus for financial data, use of proceeds, risk factors, and valuation details.
02—Key points
Key Highlights
- Filed a registration statement with the SEC for an initial public offering of common stock; the registration is not yet effective.
- The offering combines newly issued primary shares from the company with secondary shares sold by Blum Capital Partners affiliates and other selling stockholders.
- Credit Suisse First Boston and Citigroup Global Markets are joint book-running managers for the proposed offering.
- Underwriters may receive an over-allotment option on shares from selling stockholders.
- Parent company renamed from CBRE Holding, Inc. to CB Richard Ellis Group, Inc., effective February 13, 2004.
- Company reports approximately 13,500 employees and more than 220 offices across 48 countries, and claims the largest commercial real estate services firm position by 2002 revenue.
- No financial results, offering price, or share count are disclosed in this filing; Q4 2003 earnings were referenced as forthcoming on February 18, 2004.
03—Questions
Frequently Asked Questions
What is the purpose of this 8-K filing?
The filing reports two press releases from February 17, 2004: one announcing the filing of a registration statement for a proposed IPO, and one announcing the parent company's name change from CBRE Holding, Inc. to CB Richard Ellis Group, Inc.
Is the IPO complete, and what are its terms?
No. The registration statement had not yet become effective, and the filing does not disclose price, size, or share count. Securities cannot be sold until the registration becomes effective.
Who is selling shares in the proposed offering?
The offering would include newly issued shares from the company and secondary shares sold by affiliates of Blum Capital Partners, L.P. and other selling stockholders. Selling stockholders may also grant an over-allotment option.
Who is underwriting the offering?
Credit Suisse First Boston LLC and Citigroup Global Markets Inc. are the joint book-running managers, leading the underwriting syndicate.
Does this filing include financial results?
No. The filing contains no financial statements. It only notes that Q4 2003 earnings would be available on national wire services on February 18, and investors should refer to the registration statement and prospectus for financial details.
04—Continue