Trulia, Inc. (NYSE: TRLA, “Trulia”),announced today that it has entered into a definitive agreement to acquire Market Leader, Inc. (NASDAQ: LEDR, “Market Leader”), for approximately $355 million, or an implied price of $11.33 per share (based on Trulia’s closing share price on Tuesday, May 7, 2013).
MarketLeader.com you might remember bought the domain name RealEstate.com back just in 2011 for $8.25 million dollars.
At the time we noted that the company only had a market cap of $55 Million dollars.
Less than 2 years later the company looks like its being bought by Trulia for 7 times that amount
Market Leader’s shareholders will receive $6.00 in cash and 0.1553 shares of Trulia’s common stock for each share of Market Leader common stock under the terms of the agreement that was unanimously approved by the boards of directors of both companies.
The purchase price represents an 18% premium to Market Leader’s closing share price of $9.61 on Tuesday, May 7, 2013.
The acquisition is subject to the approval of the holders of a majority of the shares of Market Leader’s common stock, as well as customary closing conditions, including regulatory approvals.