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ZPG board agrees to Silver Lake takeover offer

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ZPG board agrees to Silver Lake takeover offer

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.