BETHESDA, Md., Nov. 3, 2008 (GLOBE NEWSWIRE) -- As CoStar Group, Inc. (Nasdaq:CSGP) announced during its Third Quarter 2008 Earnings Conference call held on Thursday, October 30, 2008, it has formally withdrawn its proposal to acquire all the outstanding shares of REIS, Inc. for $8.75 per share in cash.
The decision to withdraw the proposal to acquire REIS, Inc. at $8.75 per share was made after consideration of the deterioration of the financial services and residential real estate markets in which REIS operates. "Given the dramatic changes in the economic environment and our growing uncertainties about the value of REIS' business, CoStar Group believes its previous offer is no longer financially viable and has formally withdrawn that offer," stated CoStar Group CEO Andrew Florance.
About CoStar Group, Inc.
CoStar Group, Inc. (Nasdaq:CSGP) is the number one provider of information/marketing services to commercial real estate professionals in the United States as well as the United Kingdom. CoStar's suite of services offers customers access via the Internet to the most comprehensive database of commercial real estate information throughout the U.S. as well as in the United Kingdom and France. Headquartered in Bethesda, MD, CoStar has approximately 1,300 people working for the company worldwide, including the largest professional research organization in the industry. For more information, visit http://www.costar.com.
This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar's expectations, beliefs, intentions or strategies regarding the future. These statements are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. More information about potential factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, those stated in CoStar's filings from time to time with the Securities and Exchange Commission, including CoStar's Form 10-K for the year ended December 31, 2007 and CoStar's Form 10-Q for the quarter ended June 30, 2008, under the heading "Risk Factors." In addition to these statements, there can be no assurance that uncertainties about the value of REIS' business will grow or continue to grow, and that CoStar Group's previous offer is no longer financially viable. All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update such statements.