Domain shareholders clear path for CoStar’s $3b takeover
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The news: Domain shareholders have approved US property giant CoStar’s $3 billion takeover of the Australian real estate platform, clearing the path for the transaction to close later this month.
The numbers: The scheme meeting, which kicked off on Monday morning, saw 99.98% of votes cast by Domain shareholders in favour of the resolution, and 91.22% of Domain shareholders — not including CoStar’s 16.9% stake — voted in favour of the offer.
CoStar has proposed to buy all shares it does not own in Domain for $4.43 cash per share.
The context: The vote was one of two final hurdles facing CoStar, which is poised to take control of Domain as soon as 27 August. The transaction is still subject to court approval. A hearing is scheduled for Wednesday morning.
If the court approves the transaction, Domain shares will cease trading on the ASX at the end of Thursday’s session. CoStar has previously announced plans to delist the company and install former Domain CEO Jason Pellegrino as the company’s local president.
Shareholders will be paid on 20 August, before CoStar takes official control on 27 August.
The source: ASX announcement
