US property giant CoStar has made a $2.7 billion takeover bid for real estate platform Domain in the move that will put pressure on Australia’s two largest commercial media companies, Nine Entertainment and News Corporation, which control online property classfieds.
The $50 billion Nasdaq-listed CoStar caught the market by suprise by buying 16.9 per cent of Domain late on Thursday and making a takeover offer priced at $4.20 per share, as first reported by The Australian Financial Review’s Street Talk column.
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Amelia McGuire covers technology from the AFR's Sydney newsroom. She was previously the aviation, tourism and gambling reporter for The Sydney Morning Herald and The Age. Connect with Amelia on Twitter. Email Amelia at a.mcguire@afr.com.au
Joanne Tran is a markets reporter for The Australian Financial Review in the Sydney newsroom. Connect with Joanne on Twitter. Email Joanne at jo.tran@afr.com
