May 9, 2018 / 9:11 AM / 2 months ago

Japan's Lifull to buy Australian classifieds firm Mitula for $140 mln

May 9 (Reuters) - Australian digital classifieds company Mitula Group said on Wednesday Japanese real estate portal Lifull Co agreed to buy the company for about A$188.3 million ($140 million) and merge it with Lifull’s online classifieds unit.

Mitula shareholders will receive 0.0753 Lifull share for each share held. This values Mitula at about A$0.8742 per share, a premium of about 95 percent, based on the stocks’ close on Wednesday.

Mitula said its board recommended shareholders to vote in favour of the agreement, in the absence of a superior proposal.

1 Australian dollar = 81.6579 yen $1 = 1.3443 Australian dollars Reporting by Ambar Warrick in Bengaluru; Editing by Gopakumar Warrier

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