Going Private: Koll Management Services Inc. said...

Going Private: Koll Management Services Inc. said a special committee of independent directors has approved a previously announced plan that would take the company private and give equal ownership to its chairman and Freeman Spogli & Co., a Los Angeles investment bank.

Donald Koll, chairman of the Newport Beach-based property management company, indirectly owns 64% of Koll Management through another private firm, Koll Co. The remaining 36% is publicly traded. Those shares will be acquired under the plan by newly formed KMS Holding Corp. for $16 a share.

Koll Co. will then transfer part of its stake in Koll Management to KMS Holding and cash out the rest. Afterward, Koll Co. and Freeman Spogli will each own 48% of KMS Holding, with the rest held by certain officers and key employees.