Despite highly publicized reports of its potential acquisition by CB Richard Ellis, New York-based Grubb & Ellis has announced that it has terminated all unsolicited merger discussions with an "unrelated third party."
Although the company declined to name the potential buyer, it has been widely reported that CB Richard Ellis was attempting to buy the company.
Grubb & Ellis CEO Barry Barovick said the talks fell apart when the two sides failed to agree on vision and price, according to the Wall Street Journal.
"As talks progressed, we came to realize that the potential merger partner did not share our vision regarding the industry in general, and our integrated business model in particular," said Barovick in a statement.
The total transaction price reportedly would have totaled approximately $100 million, including the assumption of Grubb’s $43 million in debt.
Los Angeles-based CB Richard Ellis was taken private last July by a buyout group. It reported revenue of $1.17 billion for 2001, a decline of 11.3% over the previous year. The firm employees about 9,700 people globally, while Grubb & Ellis employs about 8,000.
