Law offices of howard g. smith announces investigation on behalf of shareholders of loopnet, inc., in connection with the proposed acquisition of the company by costar group, inc.

Bensalem, pa.--(business wire)--law offices of howard g. smith announces that it is investigating potential claims against the board of directors of loopnet, inc. (“loopnet” or the “company”) (nasdaq: loop) related to the company’s agreement to be acquired by costar group, inc. (“costar group”). the proposed cash-and-stock transaction is valued at approximately $860 million. under the terms of the definitive merger agreement entered into by the parties, loopnet shareholders will receive $16.50 in cash and 0.03702 shares of costar group common stock, for each share they own of loopnet stock. the transaction is expected to be completed by the end of 2011. the proposed transaction was unanimously approved by the company’s board of directors. the investigation concerns possible breaches of fiduciary duty and other violations of law related to approval of the proposed transaction by loopnet’s board of directors. if you are a shareholder of loopnet, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact howard g. smith, esquire, of law offices of howard g. smith, 3070 bristol pike, suite 112, bensalem, pennsylvania 19020 by telephone at (215) 638-4847, toll free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.
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