Owner of Realestate.com.au Offers To Buy iProperty.com For $750 Million

by

logo1

According to themercury.com.au,  Online property advertiser REA Group which owns and operates of Realestate.com.au has launched a $750 million takeover bid for Southeast Asia-focused iProperty.com

REA Group’s subsidiary Realestate.com.au today said it was proposing to purchase all iProperty Group’s shares at $4 per share, or $1.20 a share plus 0.7 shares in a newly formed unlisted company with an indirect interest in iProperty.

The $4 per share offer represents a 55% premium to iProperty’s share price before REA took a stake in the company in July when the stock was changing hands at $2.58. The proposal is also a 14%t premium to the stock’s Friday close at $3.51.

REA currently holds a 22.67% stake in iProperty.

REA expects the acquisition to be completed in the first quarter of 2016.

REA Group is majority-owned by News Corp.

 

About Michael Berkens

Michael Berkens, Esq. is the founder and Editor-in-Chief of TheDomains.com. Michael is also the co-founder of Worldwide Media Inc. which sold around 70K domain to Godaddy.com in December 2015 and now owns around 8K domain names . Michael was also one of the 5 Judges selected for the the Verisign 30th Anniversary .Com contest.

Comments

    • janedoe says

      What you are missing is that iproperty.com is the equivalent of the “corporate office”, think abc.xyz in relation to google. All the traffic is on other qebsites relevant to their area of expertise.

      The buyout is not for iproperty.com, it is for the business as a whole