Trammell Crow (TCC) Agrees To Be Acquired By CB Richard Ellis (CBG)
Trammell Crow (NYSE:TCC - News) shares jumped 25% after the company agreed to be acquired by CB Richard Ellis Group (NYSE:CBG - News) for $49.51 a share in cash. Including assumed debt, the deal values Tramell Crow at $2.2 billion. The commercial real estate firm will have combined pro-forma 2006 revenue of approximately $4.4 billion and 21,000 employees. Trammell Crow closed Monday at $39.10. CB Richard Ellis plans to issue $2.2 billion of term loans to finance the transaction, and will also amend or refinance its existing $600 million revolving credit facility. The company said the deal will lift percentage earnings per share "in the low teens" when stripping out transaction and integration costs.
posted by Stock Administrator @ 10:43 PM
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