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CB Shareholders Sue Over Buyout Offer

November 15, 2000|Bloomberg News

Three shareholder lawsuits claim that an offer to buy Los Angeles-based CB Richard Ellis Services Inc. undervalues the stock of the commercial real estate firm. The offer to buy the firm for $15.50 a share in cash and the assumption of debt was made by a group that includes the firm's top management and members of its board of directors. In one of three lawsuits filed in Delaware Chancery Court, stockholder Viviana Cortes says the insiders, who own 38% of CB Richard Ellis, want to buy the remaining stock at a cut-rate price. She asks a judge to prohibit the transaction and award damages and legal fees. CB Richard Ellis, whose board of directors has formed a special committee to study the offer, declined to comment on the lawsuits. CB Richard Ellis shares rose 31 cents to close at $15.44 on the New York Stock Exchange.

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