Domain shares fall after CoStar tables 'best and final' takeover bid
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More news: Domain shares tumbled after the Nine-controlled real estate platform received a "best and final" takeover offer from Nasdaq-listed suitor CoStar.
Domain shares were down 4.5% to $4.27 at 12:10pm AEDT. Nine shares lowered 0.3% to $1.58.
CoStar makes improved $2.8b offer for Domain
The news: US property giant CoStar has improved its takeover proposal for real estate platform Domain, increasing its offer from $4.20 to $4.43 per share.
The numbers: The new proposal follows CoStar's previous offer, announced on 21 February, and values the Nine-controlled target at around $2.8 billion.
The bid represents a 42% premium to Domain's closing share price on 20 February. Domain shares last closed at $4.47.
The context: CoStar has described the improved proposal as "the best and final price" it is willing to offer, in the absence of a competing proposal.
Domain said its board has unanimously determined to engage with CoStar and facilitate due diligence, subject to entering into a confidentiality agreement and exclusivity and process agreement with the suitor.
The source: ASX
