Domain Holdings Australia (ASX:DHG) entered a binding scheme implementation deed with CoStar Group for the Nasdaq-listed real estate firm to acquire all the remaining shares in the company for AU$4.43 per share in cash, according to a Friday filing with the Australian bourse.
CoStar, through Andromeda Australia SubCo, currently holds 16.9% of Domain, the filing said.
The deal is subject to shareholder and court approvals, with a scheme meeting expected in mid-August, the filing added.
The Domain board recommends shareholders vote in favor of the scheme in the absence of a superior proposal and subject to an independent expert's assessment.
Nine Entertainment Holdings (ASX:NEC), the majority shareholder of Domain, intends to vote in favor of the proposed scheme, it said in a separate bourse filing.
Shares of Domain Holdings Australia rose 3% in recent Friday trade, while Nine Entertainment shares climbed past 5%.
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