Domain Holdings Shares Rise After Supreme Court Orders Meeting for Proposed Acquisition by CoStar

MT Newswires Live

Jul 01

Shares of Domain Holdings Australia (ASX:DHG) rose nearly 1% in Tuesday morning trade after the company said the Supreme Court of New South Wales ordered a meeting of its shareholders be held to decide on the company's proposed acquisition by Nasdaq-listed real estate firm CoStar for AU$4.43 per share in cash, in a late Monday filing.

The scheme meeting is scheduled for August 4, the filing said.

The company's board recommends shareholders vote in favor of the scheme, subject to the absence of a superior proposal and an independent expert's conclusion that it is in the best interests of shareholders, the filing added.

Nine Entertainment Holdings (ASX:NEC), the majority shareholder of Domain, intends to vote in favor of the proposed scheme, the company said.

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