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LOS ANGELES-An offer has been made by an investor group headed by Blum Capital Partners LP to purchase the outstanding common stock of CB Richard Ellis Services Inc. for $15.50 per share. The offer puts the value of the company at about $740 million, including approximately $400 million of CB Richard Ellis debt that would be refinanced or assumed.

Blum is private equity investment firm with $3.8 billion of equity capital under management. Other members of the investment group are Ray Wirta, CEO of CB Richard Ellis, Brett White, chairman of the Americas for the firm, Fred Malek, a director of the company, the Koll Holding Co., which is controlled by Don Koll, also a director and Freeman Spogli & Co., a private investment firm.

Headquartered here, the real estate firm manages a portfolio of 422 million sf in the Americas and 600 million sf worldwide. Its board has formed a special committee with authority to accept or reject the offer and to consider other proposals. Acceptance of the bid would require approval of the board and the stockholders.

CB Richard Ellis officials were not available for comment at press time. GlobeSt.com will follow up on this story.

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