CoStar takes another key step forward in $2.8b Domain pursuit
The two companies could have an exclusivity and process deed signed and released to the market as early as Monday morning, after CoStar lobbed a revised takeover bid last week.
US property giant CoStar and Domain are putting the finishing touches on the last remaining paperwork before heading into final negotiations over a $2.8 billion takeover deal that stands to reshape the Australian media sector.
The two companies were aiming to have an exclusivity and process deed signed and released to the ASX on Monday morning, according to two people briefed on the plans, paving the way for a due diligence period that is expected to run for roughly four weeks.
On Thursday last week, Domain announced that CoStar had submitted a “best and final” offer to acquire 100% of Domain via a scheme of arrangement for $4.43 a share. Domain said it may also be able to pay a pre-completion special dividend to eligible shareholders, worth up to $0.04 per share via franking credits.
The Domain board unanimously agreed to open its books to CoStar for due diligence subject to the confidentiality agreement and exclusivity and process agreement, the company said last week.
