JLL, Staubach Rumors Grow Stronger with $735M Takeover Talk
- Jun 13, 2008
Jones Lang LaSalle Inc. is in advanced talks to buy Staubach Co. in a $735 million deal, U.K.-based Property Week has reported, further strengthening recent and growing rumors of the possible purchase. In the most detailed account of the takeover yet, the report said that the acquisition could be announced on the New York Stock Exchange as early as next week. The expected purchase price reflects 10 times Staubach’s earnings before interest, tax, depreciation and amortization, the report said. It cited U.S. sources that said the sale could net Staubach CEO Greg O’Brein approximately $50 million. It is unclear how Jones Lang LaSalle will pay for Staubach, founded by Roger Staubach (pictured), but the report said unless it pays for the company solely with cash, it will need to use its shares. This morning, Jones Lang LaSalle opened at $65.61 per share. Representatives from Staubach and Jones Lang LaSalle told CPN that they do not comment on market rumors. Sources have told CPN that such a merger or acquisition would make sense for both companies; Jones Lang LaSalle is not as strong in tenant representation as Staubach, and both companies have a similar structure and culture that would meld well together.