Domain board backs $2.8b bid
Online property listing company Domain’s board has fully backed the $2.8 billion bid lobbed by US digital real estate listings giant CoStar Group, potentially paving the way for a big payday for majority shareholder Nine Entertainment.
Domain on Monday told investors that it had granted CoStar exclusive access to conduct due diligence after the US suitor last week put forward a sweetened $4.43 per share offer.
The board of Nine’s majority owned Domain has backed a takeover bid.Credit: Sam Mooy
Nine, the owner of this masthead, has a 60 per cent stake in Domain and has been supportive of Domain’s management opening its books to the US firm.
CoStar lobbed an initial bid worth $4.20 per Domain share on February 20, then revised its offer to $4.43 last week after the company’s chief executive Andrew Florence touched down in Sydney.
