KFDA - NewsChannel 10 / Amarillo, TX: newschannel10.comCB Richard Ellis to sell stock worth up to $300M
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LOS ANGELES (AP) - Commercial real estate firm CB Richard Ellis Group Inc. on Wednesday filed plans to sell stock worth up to $300 million in a program using Bank of America Merrill Lynch as its distribution agent.
The company said in a regulatory filing it may offer and sell Class A shares through BofA Merrill from time to time at prevailing market prices or negotiated prices.
CB Richard Ellis may also sell shares directly to BofA Merrill at a price to be agreed upon at the time of sale. Separate filings will be submitted if the company decides to sell directly to BofA Merrill, it said.
BofA Merrill will receive a commission of 2 percent of the gross sales price for any shares it sells as distribution agent.
CB Richard Ellis shares slipped 45 cents, or 4.2 percent, to close at $10.33.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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