The board of ZPG PLC, which owns U.K. property website Zoopla Ltd., agreed to an acquisition of the company by Zephyr Bidco Ltd., a wholly owned indirect unit of funds managed by Silver Lake Management Co. V LLC, at £4.90 per share.
According to a filing, ZPG's board intends to unanimously recommend this offer to its shareholders.
Daily Mail and General Trust PLC, which holds 29.8% of ZPG's issued share capital, has agreed to give an irrevocable undertaking to accept the offer in respect of its entire shareholding.
The takeover is to be implemented through a scheme of arrangement, which is expected to become effective in the third quarter, subject to shareholder approval.
