CoStar (CSGP) Discloses $8.75/Share Offer for REIS (REIS)
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CoStar Group, Inc. (Nasdaq: CSGP) offered to acquire REIS, Inc. (Nasdaq: REIS) for a per share consideration of $8.75, all cash with no financing contingency.
CoStar's proposal represents a premium of approximately 97% above the $4.44 per share closing price of REIS common stock on August 12, 2008.
CoStar said it initially made the offer on June 5, 2008, but received a response from REIS that is was not interested in the proposal. CoStar said since that time, REIS has dropped approximately 20%.
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