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Moody’s Analytics Completes Cash Tender Offer for Shares of Reis

Moody’s Corporation and Reis, Inc. announced on Tuesday that Moody’s wholly-owned subsidiary, Moody’s Analytics Maryland Corp., has successfully completed the previously announced tender offer to purchase all of the issued and outstanding shares of common stock of Reis at a purchase price of $23.00 per share, net to the seller in cash, without interest and less any applicable withholding taxes.
The tender offer expired at 11:59 p.m., New York City time, on October 12, 2018. The depositary for the tender offer has advised that as of the expiration of the tender offer, a total of 9,800,276 shares of common stock of Reis were validly tendered and not validly withdrawn in the tender offer (excluding shares with respect to which notices of guaranteed delivery were delivered) representing approximately 84.7% of Reis’s outstanding shares of common stock. All of such shares have been accepted for payment in accordance with the terms of the tender offer.
As a result of the tender offer, Moody’s now indirectly owns a sufficient number of shares in Reis to complete a “short-form” merger under applicable Maryland law without stockholder approval. Upon completion of the merger, all outstanding shares of common stock of Reis other than shares held by Moody’s, Moody’s Analytics Maryland Corp., 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 thereon and less any applicable withholding taxes. Moody’s expects to complete the merger later today. In addition, in connection with the merger, the common stock of Reis will cease to be traded on the NASDAQ Stock Market.

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