Foreign investment board gives green light to Domain takeover

The Foreign Investment Review Board (FIRB) has greenlit the proposed $3 billion takeover of Domain by US property listings giant Costar.

In an ASX listing by Domain, it confirmed that Costar had received written notice from FIRB, stating that the Commonwealth Government “has no objections to the proposed scheme”. This would see the US company pay $4.43 per share for the remainder of Domain, resulting in its 100% ownership by Costar.

Domain shareholders will vote on the sale on August 4. The Domain Board “unanimously recommends” its shareholders vote in favour, with the company’s directors “each intend[ing] to vote all the Domain shares held or controlled by, or on behalf of, them in favour of the scheme.”