CoStar Group (CSGP) Formally Withdraws Proposal to Acquire REIS, Inc.
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CoStar Group, Inc. (Nasdaq: CSGP) announced during its Third Quarter 2008 Earnings Conference call held on Thursday, October 30, 2008, it has formally withdrawn its proposal to acquire all the outstanding shares of REIS, Inc. for $8.75 per share in cash.
The decision to withdraw the proposal to acquire REIS, Inc. at $8.75 per share was made after consideration of the deterioration of the financial services and residential real estate markets in which REIS operates. "Given the dramatic changes in the economic environment and our growing uncertainties about the value of REIS' business, CoStar Group believes its previous offer is no longer financially viable and has formally withdrawn that offer," stated CoStar Group CEO Andrew Florance.
CoStar Group, Inc. (CoStar) is a provider of information services to the commercial real estate industry in the United States and United Kingdom.[SM]
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