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.