Trammell Crow Company (NYSE:TCC) today announced that it will hold
a special meeting of stockholders on December 18, 2006, for the
purpose of asking its stockholders to vote upon a proposal to
approve and adopt the merger agreement entered into on October 30,
2006, among Trammell Crow Company, CB Richard Ellis Group, Inc.
(NYSE:CBG), and a subsidiary of CB Richard Ellis Group, Inc. The
meeting will be held at 9:00 am Central time on December 18, 2006,
at the Fairmont Hotel, 1717 North Akard Street, Dallas, Texas,
75201. All Trammell Crow Company common stockholders of record at
the close of business on November 10, 2006 will be entitled to vote
at the meeting. Under the terms of the merger agreement, Trammell
Crow Company�s stockholders will receive $49.51 in cash for each
share of Trammell Crow Company common stock they hold. The Board of
Directors of Trammell Crow Company has unanimously approved the
merger agreement and has recommended to its stockholders that they
approve and adopt the merger agreement. Completion of the
transaction is conditioned on, among other things, regulatory
review and approval by the Company�s stockholders. The transaction
is not conditioned on the receipt of financing by CB Richard Ellis
Group, Inc. The merger was first announced in a press release dated
October 31, 2006. The transaction is expected to close late in 2006
or early in 2007. Trammell Crow Company currently expects to start
mailing proxy statements soliciting the votes of its stockholders
in favor of the proposed merger on or about November 16, 2006.
About Trammell Crow Company Founded in 1948, Trammell Crow Company
is one of the largest diversified commercial real estate services
companies in the world. The company provides building management,
brokerage, project management, and development and investment
services to both investors in and users of commercial real estate.
In addition to its full service offices located throughout the
United States, the company has offices in Canada, Europe, Asia and
Latin/South America focused on the delivery of real estate services
to user clients. The company delivers brokerage services outside
the United States through strategic alliances with leading
providers - in Europe and Asia, through Savills, plc, a leading
property services company based in the United Kingdom; and in
Canada, through JJ Barnicke, a leading Canadian real estate
services provider. The company delivers building management,
brokerage, and project management services in India through
Trammell Crow Meghraj, India�s leading property services company
jointly owned by the company and certain international partners.
Trammell Crow Company is traded on the New York Stock Exchange
under the ticker symbol �TCC� and is located on the Internet at
www.trammellcrow.com. Additional Information and Where to Find It
In connection with the proposed merger, Trammell Crow Company has
filed with the Securities and Exchange Commission a proxy statement
and other relevant documents in connection with the proposed
merger. INVESTORS AND SECURITY HOLDERS OF TRAMMELL CROW COMPANY ARE
URGED TO READ THE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS
FILED WITH THE SEC, BECAUSE THEY CONTAIN IMPORTANT INFORMATION.
Investors and security holders may obtain free copies of the proxy
statement and other documents by contacting Investor Relations at
ir@trammellcrow.com, or by mail at Investor Relations, 2001 Ross
Avenue, Suite 3400, Dallas, Texas 75201, or by telephone: (214)
863-3020. In addition, documents filed with the SEC by Trammell
Crow Company are available free of charge at the Securities and
Exchange Commission�s web site at http://www.sec.gov. Trammell Crow
and its directors, executive officers and other members of its
management and employees may be deemed to be participants in the
solicitation of proxies from the stockholders of the Company in
connection with the proposed transaction. Information concerning
the special interests of these directors, executive officers and
other members of the Company�s management and employees in the
proposed transaction will be included in the proxy statement of the
Company described above. Information regarding Trammell Crow�s
directors and executive officers is also available in its proxy
statement for its 2006 Annual Meeting of Stockholders, which was
filed with the SEC on April 17, 2006, and also in its proxy
statement for a Special Meeting of Stockholders, which was filed
with the SEC on July 5, 2006. This document is available free of
charge at the SEC�s website at www.sec.gov and from Investor
Relations at the Company as described above. Safe Harbor Statement
Under the Private Securities Litigation Reform Act of 1995 Certain
statements contained in this press release, including without
limitation statements containing the words �will,� �proposed,�
�expect(s)(ed),� �conditioned,� and words of similar import, are
forward-looking statements within the meaning of the federal
securities laws. Such forward-looking statements involve known and
unknown risks, uncertainties and other matters which may cause the
actual results, performance or achievements of the Company or
industry results to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such risks, uncertainties and other
matters include, but are not limited to (i) the ability of the
Company to complete the proposed transaction with CB Richard Ellis
Group, Inc. due to a number of factors, including but not limited
to, the ability of the Company and CB Richard Ellis Group, Inc. to
satisfy the various conditions contained in the merger agreement
between the parties, including Trammell Crow Company stockholder
approval, regulatory approvals and other customary conditions, (ii)
the ability of the Company to retain its major customers and renew
its contracts, (iii) the ability of the Company to attract new user
and investor customers, (iv) the ability of the Company to manage
fluctuations in net earnings and cash flow which could result from
the Company's participation as a principal in real estate
investments, (v) the Company's ability to continue to pursue its
growth strategy, (vi) the Company's ability to pursue strategic
acquisitions on favorable terms and manage challenges and issues
commonly encountered as a result of those acquisitions, (vii) the
Company's ability to compete in highly competitive national and
local business lines, (viii) the Company's ability to attract and
retain qualified personnel in all areas of its business
(particularly senior management), (ix) the timing of individual
transactions, (x) the ability of the Company to identify, implement
and maintain the benefit of cost reduction measures and achieve
economies of scale and (xi) the ability of the Company to compete
effectively in the international arena and manage the risks of
operating in the international arena (including foreign currency
exchange risk). In addition, the Company's ability to achieve
certain anticipated results will be subject to other factors
affecting the Company's business that are beyond the Company's
control, including but not limited to general economic conditions
(including interest rates, the cost and availability of capital for
investment in real estate, clients' willingness to make real estate
commitments and other factors impacting the value of real estate
assets), the effect of government regulation on the conduct of the
Company's business and the threat of terrorism and acts of war.
Given these uncertainties, readers are cautioned not to place undue
reliance on such forward-looking statements. The Company disclaims
any obligation to update any such statements or publicly announce
any updates or revisions to any of the forward-looking statements
contained herein to reflect any change in the Company's expectation
with regard thereto or any change in events, conditions,
circumstances or assumptions underlying such statements. Reference
is hereby made to the disclosures contained under in "Item 1A. Risk
Factors" of the Company's Annual Report on Form 10-K filed with the
Securities and Exchange Commission on March 15, 2006. Trammell Crow
Company (NYSE:TCC) today announced that it will hold a special
meeting of stockholders on December 18, 2006, for the purpose of
asking its stockholders to vote upon a proposal to approve and
adopt the merger agreement entered into on October 30, 2006, among
Trammell Crow Company, CB Richard Ellis Group, Inc. (NYSE:CBG), and
a subsidiary of CB Richard Ellis Group, Inc. The meeting will be
held at 9:00 am Central time on December 18, 2006, at the Fairmont
Hotel, 1717 North Akard Street, Dallas, Texas, 75201. All Trammell
Crow Company common stockholders of record at the close of business
on November 10, 2006 will be entitled to vote at the meeting. Under
the terms of the merger agreement, Trammell Crow Company's
stockholders will receive $49.51 in cash for each share of Trammell
Crow Company common stock they hold. The Board of Directors of
Trammell Crow Company has unanimously approved the merger agreement
and has recommended to its stockholders that they approve and adopt
the merger agreement. Completion of the transaction is conditioned
on, among other things, regulatory review and approval by the
Company's stockholders. The transaction is not conditioned on the
receipt of financing by CB Richard Ellis Group, Inc. The merger was
first announced in a press release dated October 31, 2006. The
transaction is expected to close late in 2006 or early in 2007.
Trammell Crow Company currently expects to start mailing proxy
statements soliciting the votes of its stockholders in favor of the
proposed merger on or about November 16, 2006. About Trammell Crow
Company Founded in 1948, Trammell Crow Company is one of the
largest diversified commercial real estate services companies in
the world. The company provides building management, brokerage,
project management, and development and investment services to both
investors in and users of commercial real estate. In addition to
its full service offices located throughout the United States, the
company has offices in Canada, Europe, Asia and Latin/South America
focused on the delivery of real estate services to user clients.
The company delivers brokerage services outside the United States
through strategic alliances with leading providers - in Europe and
Asia, through Savills, plc, a leading property services company
based in the United Kingdom; and in Canada, through JJ Barnicke, a
leading Canadian real estate services provider. The company
delivers building management, brokerage, and project management
services in India through Trammell Crow Meghraj, India's leading
property services company jointly owned by the company and certain
international partners. Trammell Crow Company is traded on the New
York Stock Exchange under the ticker symbol "TCC" and is located on
the Internet at www.trammellcrow.com. Additional Information and
Where to Find It In connection with the proposed merger, Trammell
Crow Company has filed with the Securities and Exchange Commission
a proxy statement and other relevant documents in connection with
the proposed merger. INVESTORS AND SECURITY HOLDERS OF TRAMMELL
CROW COMPANY ARE URGED TO READ THE PROXY STATEMENT AND OTHER
RELEVANT DOCUMENTS FILED WITH THE SEC, BECAUSE THEY CONTAIN
IMPORTANT INFORMATION. Investors and security holders may obtain
free copies of the proxy statement and other documents by
contacting Investor Relations at ir@trammellcrow.com, or by mail at
Investor Relations, 2001 Ross Avenue, Suite 3400, Dallas, Texas
75201, or by telephone: (214) 863-3020. In addition, documents
filed with the SEC by Trammell Crow Company are available free of
charge at the Securities and Exchange Commission's web site at
http://www.sec.gov. Trammell Crow and its directors, executive
officers and other members of its management and employees may be
deemed to be participants in the solicitation of proxies from the
stockholders of the Company in connection with the proposed
transaction. Information concerning the special interests of these
directors, executive officers and other members of the Company's
management and employees in the proposed transaction will be
included in the proxy statement of the Company described above.
Information regarding Trammell Crow's directors and executive
officers is also available in its proxy statement for its 2006
Annual Meeting of Stockholders, which was filed with the SEC on
April 17, 2006, and also in its proxy statement for a Special
Meeting of Stockholders, which was filed with the SEC on July 5,
2006. This document is available free of charge at the SEC's
website at www.sec.gov and from Investor Relations at the Company
as described above. Safe Harbor Statement Under the Private
Securities Litigation Reform Act of 1995 Certain statements
contained in this press release, including without limitation
statements containing the words "will," "proposed,"
"expect(s)(ed)," "conditioned," and words of similar import, are
forward-looking statements within the meaning of the federal
securities laws. Such forward-looking statements involve known and
unknown risks, uncertainties and other matters which may cause the
actual results, performance or achievements of the Company or
industry results to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such risks, uncertainties and other
matters include, but are not limited to (i) the ability of the
Company to complete the proposed transaction with CB Richard Ellis
Group, Inc. due to a number of factors, including but not limited
to, the ability of the Company and CB Richard Ellis Group, Inc. to
satisfy the various conditions contained in the merger agreement
between the parties, including Trammell Crow Company stockholder
approval, regulatory approvals and other customary conditions, (ii)
the ability of the Company to retain its major customers and renew
its contracts, (iii) the ability of the Company to attract new user
and investor customers, (iv) the ability of the Company to manage
fluctuations in net earnings and cash flow which could result from
the Company's participation as a principal in real estate
investments, (v) the Company's ability to continue to pursue its
growth strategy, (vi) the Company's ability to pursue strategic
acquisitions on favorable terms and manage challenges and issues
commonly encountered as a result of those acquisitions, (vii) the
Company's ability to compete in highly competitive national and
local business lines, (viii) the Company's ability to attract and
retain qualified personnel in all areas of its business
(particularly senior management), (ix) the timing of individual
transactions, (x) the ability of the Company to identify, implement
and maintain the benefit of cost reduction measures and achieve
economies of scale and (xi) the ability of the Company to compete
effectively in the international arena and manage the risks of
operating in the international arena (including foreign currency
exchange risk). In addition, the Company's ability to achieve
certain anticipated results will be subject to other factors
affecting the Company's business that are beyond the Company's
control, including but not limited to general economic conditions
(including interest rates, the cost and availability of capital for
investment in real estate, clients' willingness to make real estate
commitments and other factors impacting the value of real estate
assets), the effect of government regulation on the conduct of the
Company's business and the threat of terrorism and acts of war.
Given these uncertainties, readers are cautioned not to place undue
reliance on such forward-looking statements. The Company disclaims
any obligation to update any such statements or publicly announce
any updates or revisions to any of the forward-looking statements
contained herein to reflect any change in the Company's expectation
with regard thereto or any change in events, conditions,
circumstances or assumptions underlying such statements. Reference
is hereby made to the disclosures contained under in "Item 1A. Risk
Factors" of the Company's Annual Report on Form 10-K filed with the
Securities and Exchange Commission on March 15, 2006.
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