Moody's Corp. unit Moody's Analytics Maryland Corp. completed the tender offer to purchase all outstanding common shares of Reis Inc. at $23 apiece.

As of 11:59 p.m., New York City time, on Oct. 12, when the tender offer expired, 9,800,276 Reis common shares were validly tendered and not validly withdrawn, representing approximately 84.7% of Reis' outstanding common shares.

Moody's, as a result of the tender offer, indirectly owns sufficient Reis common shares to complete a short-form merger without shareholder approval. Upon completion of the merger, all outstanding Reis common shares, other than shares held by Moody's, Moody's Analytics, Reis, or any of their respective wholly owned subsidiaries, will be canceled and converted into the right to receive $23 per share in cash without interest and less any applicable withholding taxes.

The merger is expected to be completed on Oct. 15.