News Corp announced today that it successfully completed its acquisition of Move Inc., the oversight company that manages realtors.com for its owner, the National Association of Realtors®(NAR).
"In partnership with the National Association of Realtors and its one million members, we look forward to turbo-charging realtor.com and making it the most popular and profitable property site in America," says Robert Thomson, chief executive of News Corp.
According to Thomson, the Move Inc. acquisition extends News Corp's operations globally and digitally, and substantially bolsters the real estate pillar of its business.
News Corp.-Move Inc. merger details
The previously announced tender offer by a subsidiary of News Corp for all of the outstanding shares of Move common stock at a price of $21.00 per share expired as scheduled on November 13, 2014. Excluding shares tendered by notice of guaranteed delivery, a total of approximately 34,299,586 shares were validly tendered into and not withdrawn from the tender offer, representing, together with the shares owned by News Corp and its subsidiaries, approximately 83.1 percent of Move's outstanding shares.
As a result, News Corp, through its subsidiary, will promptly pay for all such validly tendered shares pursuant to the terms of the tender offer.
Upon completion of the merger, Move became an indirect, wholly owned subsidiary of News Corp. All eligible Move shares not tendered into the tender offer were cancelled and converted into the right to receive $21.00 per share in cash, without interest and less any applicable withholding taxes, the same price per share offered in the tender offer.
As a result of the acquisition, Move shares are no longer traded on the NASDAQ Stock Market.
The Federal Trade Commission (FTC) has requested more information about Zillow's planned merger with Trulia, effectively putting the $3.5 billion deal on hold.
Zillow now says it expects the merger to be completed during the first six months of 2015 – but it's not likely before Feb. 1.
The just-announced News Corp. merger with Move Inc. could have an influence on any FTC decision, since NAR has been an opponent of the Zillow-Trulia merger.
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