LoopNet, CoStar Again Extend Antitrust Review Waiting Period
Posted January 4, 2012
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LoopNet and CoStar have agreed to further extend the the waiting period imposed by the Hart-Scott-Rodino Act to allow the firms to engage in discussions with the U.S. Federal Trade Commission ("FTC") to determine whether there is a possible basis for, and to discuss the possible terms of, a mutually acceptable consent order that would allow the merger of the two firms to close.
As citybiz real estate previously reported, LoopNet, Inc. and CoStar Group, Inc. each received a Request for Additional Information, commonly referred to as a "second request" from the FTC with respect to the proposed acquisition of LoopNet by CoStar.
SEE: CoStar, LoopNet Certify Compliance with FTC Second Request (11/7/2011)
In a filing with the Securities and Exchange Commission, LoopNet said "the parties have not yet reached substantive agreement on the terms of such a consent order, and there can be no assurance that such agreement will be reached in a timely manner or at all."
LoopNet said it remains committed to working with the FTC as it conducts its review of the merger. Completion of the merger remains subject to the expiration or termination of the waiting period under the HSR Act and other customary closing conditions.
LoopNet's share price was down more than 6 percent in mid-day trading on this news.
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