Domain Holdings Australia (ASX: DHG) has announced an exclusivity deed with the United States-based commercial real estate information provider, CoStar.
The deal is in relation to CoStar's proposal to acquire 100% of the issued capital of Domain, for a cash consideration of $4.43 per Domain Share.
This was announced to the ASX on Thursday of last week.
As required by CoStar as a condition of their proposal, Domain has confirmed that its directors will recommend shareholders vote in favour of the proposed arrangement as the best course of action, subject to an independent expert conclusion, “in the absence of a superior proposal”.
Domain also confirmed in today's announcement that CoStar will be granted access to a virtual data room, helping to provide information.
The proposal is non-binding, and shareholders do not need to take any action in relation to the CoStar Proposal at this time.
Domain is being advised by UBS Securities Australia Limited and Gilbert + Tobin.
Domain Holdings Australia Ltd's share price at the time of writing was $4.26, with a market cap of around $2.69 billion.
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