The Supreme Court of New South Wales has approved the takeover of Domain Holdings Australia by US-based CoStar Group. The acquisition, valued at $4.43 per share, will proceed via a scheme of arrangement. Domain Group is a leading real estate marketplace, offering property listings and related services. CoStar Group is a provider of online real estate information, analytics and marketplaces.
Domain announced that it will lodge the court orders with the Australian Securities and Investments Commission (ASIC) on Thursday, making the scheme legally effective. Trading of Domain shares on the Australian Securities Exchange (ASX) will be suspended at the close of trade on the same day as the lodging.
Eligible Domain shareholders are slated to receive a fully franked special dividend of 8.8 cents per share on August 19. The record date for the dividend has been set for August 12. Following the dividend payment, the remaining cash consideration of $4.342 per share will be distributed to eligible shareholders on August 27, with a record date of August 20.
Upon completion of the takeover, Domain will be delisted from the ASX and integrated into CoStar’s global real estate network. Nine Entertainment, the publisher of The Australian Financial Review, holds a majority stake in Domain Holdings Australia.
