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Cbre Group Inc. (CBG): ValueAct Capital Raises Stake, Signs $250 Million Purchase Agreement With Goldman Sachs

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A freshly-amended 13D filing with the Securities and Exchange Commission showed that Jeffrey Ubben‘s ValueAct Capital has raised its stake in Cbre Group Inc. (NYSE:CBG) to 34.62 million Class A Common Shares, which amass 10.3% of the company’s outstanding stock. The fund’s stake was raised from 32.94 million Class A Common Shares held as of June 30, according to the fund’s 13F filing for the end of June. In addition, it was disclosed that on September 15, ValueAct Capital and Goldman Sachs signed a Purchase Agreement, upon which Goldman Sachs will acquire, for the account of ValueAct Capital, up to $250 million worth of CBRE Group’s stock. These acquisitions under the 10b-5 Plan must be carried out by March 19, 2017. Based on the current price of CBRE’s stock, the Purchase Agreement would amount to 8.74 million shares. The filing also revealed that ValueAct Capital plans to continue having discussions with the company’s management concerning possible actions to increase shareholder value. ValueAct Capital Partner Brandon Boze has been an Independent Director on CBRE Group’s Board since 2012.

CBRE Group is a real estate and investment company. Over the past 12 months, the company’s stock has lost 13.96%. For the second quarter of 2016, CBRE Group reported earnings per share of $0.52 and revenue of $3.21 billion, compared to EPS of $0.42 and revenue of $2.4 billion for the corresponding period in 2015.

VALUEACT CAPITAL

At the end of June, 28 smart money managers in Insider Monkey’s database reported long positions in Cbre Group (NYSE:CBG), down by two from the previous quarter. Among the bullish investors were Natixis Global Asset Management’s Harris Associates, which owned a position worth around $424.76 million, William Von Mueffling’s Cantillon Capital Management, with a position valued at $195.29 million, John W. Rogers’ Ariel Investments, John Khoury’s Long Pond Capital, and Gunnar Overstrom’s Three Corner Global Investors.

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Some of the investors who dumped Cbre Group (NYSE:CBG) during the June quarter were David Harding’s Winton Capital Management, which sold its position valued at $11.93 million at the end of March, Christopher Lord’s Criterion Capital, which said goodbye to a $29.80 million position, Brian Taylor’s Pine River Capital Management, Mike Vranos’ Ellington, and Peter Algert and Kevin Coldiron’s Algert Coldiron Investors.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
ValueAct Capital Master Fund, L.P. 0 0 34,620,054 34,620,054 10.3%
VA Partners I, LLC  0 0 34,620,054 34,620,054 10.3%
ValueAct Capital Management, L.P.  0 0 34,620,054 34,620,054 10.3%
ValueAct Capital Management, LLC 0 0 34,620,054 34,620,054 10.3%
ValueAct Holdings, L.P.  0 0 34,620,054 34,620,054 10.3%
ValueAct Holdings GP, LLC 0 0 34,620,054 34,620,054 10.3%
Jeffrey Ubben
Jeffrey Ubben
ValueAct Capital

Page 1 of 16 – SEC Filing

=============================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities and Exchange Act of 1934

(Amendment No. 7)

CBRE Group, Inc.
————————————————
(Name of Issuer)

Class A Common Stock, $0.01 par value
————————————————
(Title of Class of Securities)

12504L109
————————————————
(CUSIP Number)

Allison Bennington, Esq.
ValueAct Capital
One Letterman Drive, Building D, Fourth Floor
San Francisco, CA 94129
(415) 362-3700
————————————————
(Name, address and telephone number of Person
Authorized to Receive Notices and Communications)

Allison Bennington, Esq.
ValueAct Capital
One Letterman Drive, Building D, Fourth Floor
San Francisco, CA 94129
(415) 362-3700

September 15, 2016
————————————————
(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box [ ].

Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 240.13d-7 for other
parties to whom copies are to be sent.

*The remainder of this cover page shall be filled out for a reporting person’s
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.

This information required on the remainder of this cover page shall not be
deemed to be “filed” for the purpose of Section 18 of the Securities Exchange
Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
=============================================================================

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