Brower piven announces an investigation of the acquisition of loopnet, inc. by costar group, inc.

Stevenson, md.--(business wire)--the law firm of brower piven, a professional corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of loopnet, inc. (“loopnet”) (nasdaq:loop) and other violations of state law by the board of directors of loopnet relating to the proposed acquisition of the company by costar group, inc. (“costar”). the firm’s investigation seeks to determine, among other things, whether loopnet and its board breached their fiduciary duties by failing to maximize shareholder value. on april 27, 2011, loopnet and costar jointly announced that they had entered into a definitive agreement for loopnet to be acquired by costar. under the terms of the agreement, costar will acquire all outstanding shares of loopnet common stock in a cash and stock merger. under the terms of the transaction, loopnet shareholders will receive $16.50 in cash and 0.03702 shares of costar common stock for each share of loopnet common stock, representing a total equity value of approximately $860 million and an enterprise value of $762 million. the boards of directors of both companies have unanimously approved the transaction. however, loopnet recently announced strong financial results for the first quarter 2011, with revenue of $20.7 million, compared to $20.0 million in the fourth quarter of 2010, and $18.8 million in the first quarter of 2010. the transaction is expected to close by the end of 2011. if you currently own shares of loopnet and would like to learn more about the investigation being conducted by brower piven, you may email or call brower piven, who will, without obligation or cost to you, attempt to answer your questions. you may contact brower piven by email at hoffman@browerpiven.com, by calling 410/415-6616, or at brower piven, a professional corporation, 1925 old valley road, stevenson, maryland 21153. attorneys at brower piven have combined experience litigating securities and other class action cases of over 60 years.
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