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Zillow Offers Shares at 3% Discount, To Acquire StreetEasy

By Warren Paige

The real-estate listings services provider, Zillow Inc. (NASDAQ: Z) said on Monday that it will offer 5 million shares (A Class) at price of $82.00 per share, which implies a 3% discount to the stock’s closing price on Monday.  Shares tumbled 7.11% to $84.74 in regular trading hours. In afterhours, shares slipped another 2.47%. The Company said that it will offer 2.5 million shares while the remaining will be offered by some Zillow’s stakeholders. Zillow said that it intends to buy its smaller rival StreetEasy for nearly $50 million in cash through these proceeds. The acquisition will allow Zillow to gain traction in the New York home shopping market.

August 20th, 2013 | Tags: | Category: Large Cap Growth Stocks

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All stories in DailyStocks.com are for informational purposes only. This is NOT a stock recommendation. This DailyStocks.com story is a daily light analysis featuring a stock with insider buying. With some caveats, insiders purchase a stock because they think the stock is going up. There are other factors to consider such as size of the transaction relative to their compensation and net worth. Sometimes, insiders might be propping a stock price up for future financing. Sometimes, the amount of insider buying are misread or misreported. Each month, DailyStocks releases a a summary of the stocks with insider buying. Sign up for the free monthly newsletter at DailyStocks.com . About Dailystocks.com: DailyStocks.com is the place where you can find stories about stocks with insider buying, where you can educate yourself about stock market investing, and where you can perform the stock search engine analysis – you enter a stock symbol, and you get a resulting page of stock ticker indexed links so that you do not have to type the stock symbol each time.