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EXHIBIT 99.2
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[LOGO]
CB Richard Ellis, Inc.
Sent Via Email 200 North Sepulveda Boulevard
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Suite 300
El Segundo, CA 90245-4380
M e m o T 310 563 8675
F 310 563 8670
[email protected]
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Ray Wirta
Chief Executive Officer
Date: 13 November 2000
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To: All CBRE Employees
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Subject: BLUM CAPITAL PARTNERS' PROPOSAL FOR
BUYOUT OF CB RICHARD ELLIS
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As you are most likely aware from the press release issued today (copy
enclosed), Blum Capital Partners in conjunction with myself, Brett White and
additional investors presented a proposal late Friday to acquire the company.
Blum Capital is currently a significant CB Richard Ellis shareholder whose
management includes Dick Blum. The investor group also includes Freeman Spogli &
Co., whose management includes Brad Freeman; the Koll Holding Company,
controlled by Don Koll; and Fred Malek. Under the terms of the Blum proposal the
group offers to purchase all publicly issued CB Richard Ellis stock. The group
also intends to offer employees the opportunity to participate as equity
investors in the company.
There are several reasons I have decided to participate in and support the
proposal. First, I believe it will enhance our company's flexibility in
operating existing businesses and in developing new ones. Second, it eliminates
the need to manage to quarterly expectations by public stockholders. Finally,
the fact that organizations of the stature of Blum Capital Partners and Freeman
Spogli & Co. are prepared to back the company, I believe, can only enhance our
reputation and effectiveness.
To evaluate this proposal appropriately and objectively, the Board of Directors
on Friday appointed Stan Anderson and Paul Leach, two existing directors, to
head a Special Committee responsible for evaluating the Blum proposal and any
other proposals and alternatives. The Special Committee will retain independent
legal and investment counsel as part of the process.
The Special Committee will begin their assessment of the Blum proposal and
ultimately will provide a response to this or any other offer that may arise.
The Special Committee's evaluation process could take several months and, if a
proposal were adopted, would ultimately require the approval of the company's
stockholders. Throughout this evaluation period it is business as usual. It is
our sincerest intent and our belief that employees and clients should experience
no impacts while the Special Committee carries out its responsibilities.
Within the legal and regulatory restrictions associated with this type of
transaction it is our goal to keep you informed of the process and keep
communications open. As appropriate, subject to legal parameters, we will
provide updates regarding the process. Attached you will find a Question and
Answer (Q&A) document which will hopefully answer many of your questions. I urge
you to use all information provided to you to keep yourself informed and
prepared to answer the questions of your clients or other important business
relationships.
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Should you have any specific or immediate questions please direct them to your
local management or to myself on the company Intranet's CEO Chat page
(http://www.navigator.cbrichardellis.com/ceochat).
ENCLOSURES
RW/nf
