Richard Ellis International has rejected the offer of acquisition made by Insignia, the US property advisory group.
REI said it had agreed to merge instead with Insignia rival CB Commercial Real Estate Services Group, despite a deal under which Insignia is buying the Richard Ellis UK operations.
CB Commercial has agreed to a merger with REI. The company, which is listed on the New York Stock Exchange, said it hoped the UK arm of Richard Ellis would change its mind about the earlier deal with Insignia. Richard Ellis Group owns about 16% of the equity of REI. REI has the right to use the Richard Ellis brand name only outside the UK.
- Financial Times 10/12/97 page 32
- The Daily Telegraph 10/12/97 page 27
