When a company puts in an offer to purchase a publicly traded company, there is a waiting period wherein the government has a chance to review the deal to make sure there are no anti-trust problems with the acquisition.
For Move, Inc. and News Corp., that waiting period, required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), expired last night at midnight, and it appears that neither the Federal Trade Commission (FTC) and the Department of Justice (DOJ) stepped in to take any action. No action means a green light, and that the deal will move forward.
A month ago, Rupert Murdoch’s News Corp. announced intentions to acquire Move, Inc. and all of their subsidiaries, including Realtor.com, Top Producer, ListHub, and others for $950 million in cash.
Move has consistently stated that they will keep the staff and headquarters in San Jose, California and there are no rumors yet as to what Move brands will be dissolved or consolidated, if any.
What’s next for the brands?
As the waiting period ends for the HSR Act, it appears that the brands’ previous statements that the deal would close before the year ends is on track.
The offer continues to be subject to the satisfaction of other customary conditions, including a minimum tender of at least a majority of the outstanding Move shares, the company said in a statement.
As previously announced, unless the tender offer is extended, the offer and withdrawal rights will expire at the end of the day, 12:00 midnight, New York City time, on November 13, 2014.
All lights point to a quick closing, and our sources close to the matter assert that News Corp. intents to allow Move to operate as a standalone entity, as they do their other brands like the Wall Street Journal, Amplify, DJX, and The New York Post.
Move, NAR respond to implications of acquisition
Prior to the green light, our exclusive interviews with Dale Stinton, CEO of the National Association of Realtors as well as Steve Berkowitz, CEO of Move, Inc. highlighted the future of Move, particularly realtor.com, and debunked myths surrounding the major acquisition. Be sure to read them for more insight into the deal.