News Corp Completes Acquisition of Move, Inc.
November 14 2014 - 7:28AM
Business Wire
News Corp announced today that it has successfully completed its
acquisition of Move, Inc. (“Move”). Move is a leading provider of
online real estate services and operates a network of sites,
including realtor.com®, the official website for the National
Association of Realtors®.
Through realtor.com® and its mobile applications, Move displays
more than 98% of all for-sale properties listed in the US. The Move
network of websites reaches more than 30 million people per month,
who spend an average of 22 minutes each on its sites.
“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,” said Robert Thomson, Chief Executive of News
Corp. Mr. Thomson said that the acquisition of Move extends News
Corp’s operations globally and digitally, and substantially
bolsters the real estate pillar of its business.
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 at the end of the
day, 12:00 midnight, New York City time, 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not withdrawn from the tender offer, representing, together with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% of Move’s outstanding shares. As a result, News Corp, through
its subsidiary, has accepted for payment and will promptly pay for
all such validly tendered shares pursuant to the terms of the
tender offer.
Following its acceptance of the tendered shares, News Corp
completed the acquisition by causing the merger of its subsidiary
with and into Move without a vote of Move’s stockholders, pursuant
to Section 251(h) of the Delaware General Corporation Law. Upon
completion of the merger, Move became an indirect, wholly-owned
subsidiary of News Corp. As a result of the merger and in
accordance with the terms of the merger agreement, 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 ceased to be traded on the NASDAQ
Stock Market.
REA Group Limited, in which News Corp owns a 61.6% interest, has
entered into a definitive agreement with News Corp to acquire a 20%
stake in Move. The transaction is expected to be completed on
November 17, 2014.
About News Corp
News Corp (NASDAQ:NWS) (NASDAQ:NWSA) (ASX:NWS) (ASX:NWSLV) is a
global, diversified media and information services company focused
on creating and distributing authoritative and engaging content to
consumers throughout the world. The company comprises businesses
across a range of media, including: news and information services,
book publishing, cable network programming in Australia, digital
real estate services, digital education, and pay-TV distribution in
Australia. Headquartered in New York, the activities of News Corp
are conducted primarily in the United States, Australia, and the
United Kingdom. More information: http://www.newscorp.com.
About Move, Inc. and realtor.com®
Move, Inc. is a leading provider of online real estate services.
Move operates the realtor.com® website and mobile experiences,
which connect people to the most important and accurate information
they need to find their perfect home and to the REALTORS® whose
expertise guides consumers through buying and selling. As the
official website of the National Association of
REALTORS®, realtor.com® empowers consumers to make smart home
buying, selling and renting decisions by leveraging its direct,
real-time connections with more than 800 multiple listing services
(MLS) via all types of computers, tablets and smartphones. In
addition to the industry’s most comprehensive and accurate
information, Move’s network of websites provides consumers a wealth
of innovative tools, including Doorsteps®, Moving.com™,
SeniorHousingNetSM and others. Move supports real estate agents and
brokerages by providing many services to grow their businesses,
including ListHub™, the nation's leading listing syndicator and
centralized intelligence platform for the real estate industry;
TigerLead®; Top Producer® Systems; and FiveStreetSM; as well as
many free services. Move is based in the heart of Silicon
Valley – in San Jose, Calif.
Forward-Looking Statements
This document contains certain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are based on management’s views and
assumptions regarding future events and business performance as of
the time the statements are made. Actual results may differ
materially from these expectations due to changes in global
economic, business, competitive market and regulatory and other
factors. More detailed information about these and other factors
that could affect future results is contained in News Corp’s and
Move’s filings with the Securities and Exchange Commission. The
“forward-looking statements” included in this document are made
only as of the date of this document and we do not have any
obligation to publicly update any “forward-looking statements” to
reflect subsequent events or circumstances, except as required by
law.
News CorpJim Kennedy, 212-416-4064Chief Communications
Officerjkennedy@newscorp.com@jimkennedy250orMike Florin,
212-416-3363SVP, Head of Investor
Relationsmflorin@newscorp.comorMove, Inc.Christie Farrell,
408-558-7115Director of Corporate
CommunicationsChristie.farrell@move.com
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