A 19.2% stake of Savills has this morning gone to the market with the firm confirming it may consider buying back some of its shares.
CB Richard Ellis is selling 25,878,398 ordinary shares which it acquired following its purchase of US-based Trammell Crow.
The undocumented offer to institutional investors gives Savills the opportunity to buy back a maximum of 4.9%.
This limit is imposed by the UK Listing Rules which define CBRE as a related party following the Trammell Crow purchase.
Alex Garton, a director of corporate broking at Hoare Govett, expects the stake will be split between a variety of institutional investors and is “highly highly unlikely” to go any strategic buyer.
The selling price of the shares will be announced on or before market close this afternoon.
References: EGi News 11/01/07
