Australia’s Domain Holdings said on Monday it has granted CoStar exclusive due diligence access for the U.S. property data group’s revised buyout proposal which values the real estate classifieds firm at A$2.80 billion ($1.76 billion).
CoStar sweetened its offer to A$4.43 per share on a “best and final” basis last week, a 5.5% premium to its initial proposal of A$4.20.
CoStar will be granted access to a virtual data room, Domain said in a statement, adding the exclusivity period will expire in four weeks unless extended by a further two weeks.
The target company confirms the intentions of its board members to unanimously recommend voting in favour of the proposal.
($1 = 1.5918 Australian dollars)
Reuters
