LA-based CB Richard Ellis said Monday that a management-ledinvestment group has offered $15.50 a share for the 62% of CB stockthat it doesn't already own, giving the deal a total price tag ofabout $740 million. Separately, New York-based Insignia ESG wassaid to be in talks to be acquired by Vornado Realty Trust. Somesources have said, however, that there is no basis to therumor.

The value of CB and Insignia shares jumped in trading on the NewYork Stock Exchange. CB's stock shot up $2 a share to $15.13, again of nearly 16%. Insignia Financial Group, the parent ofInsignia ESG, saw its stock rise $1.25 to $11.63, a gain of morethan 12%.

Most analysts doubt that a full-scale bidding war will erupt foreither of the two companies. Though both have seen their revenueswell recently thanks to strong sales and leasing activity acrossthe nation, a widely anticipated economic slowdown in 2001 or 2002could cut deeply into their earnings.