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.
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Continue reading Major Movers on February 13; PRLB, Z, RAX, CLF, WCG