U.S. real estate website operator Zillow Inc said it would purchase smaller rival Trulia Inc for $3.5 billion in stock, as the U.S. real estate market continues its choppy recovery.The offer values Trulia shares at $70.53 each - a premium of 25 percent based on the stocks' close on Friday.Trulia shares were up 16 percent at $65.37 in premarket trading on Monday. Zillow shares were down 3 percent at $154.Both Zillow and Trulia have been spending aggressivley on advertising, foregoing near-term profitability, to corner a bigger share of online spending on real estate listings.
Trulia, Inc. is a real estate search engine company. Shares of TRLA remained unchanged at $56.35. In the past year, the shares have traded as low as $26.35 and as high as $57.47. On average, 1774050 shares of TRLA exchange hands on a given day and today's volume is recorded at 954011.
Zillow, Inc. (Zillow), provides real estate and home-related information. Shares of Z remained unchanged at $158.86. In the past year, the shares have traded as low as $70.28 and as high as $159.26. On average, 1908700 shares of Z exchange hands on a given day and today's volume is recorded at 581161.
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