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Zillow, Trulia shareholders green light merger

Overwhelming margin approve marriage of online listings giants

An overwhelming majority of stockholders of both Zillow (Z) and Trulia (TRLA) voted Thursday in favor of the proposed merger of the two online listing companies.

The deal still faces regulatory approval, but it is otherwise set to close some time in the first half of 2015.

The Federal Trade Commission is still reviewing the deal, and it won’t close before Feb. 1 at the earliest.

“At special meetings held earlier today, approximately 88.75% of Zillow votes outstanding and entitled to be voted, and 79.52% of Trulia votes outstanding and entitled to be voted, were voted in favor of the agreement. Zillow shareholders and Trulia stockholders also voted to approve the authorization of nonvoting Class C capital stock in the combined company's amended and restated articles of incorporation,” a statement from the companies said. 

Trulia shareholders will receive 0.44 shares of the combined company for each Trulia share they own.

Trulia shares currently trade at a 0.43x ratio to Zillow shares.

Shares of both companies are selling off in spite of a strong market rally late Thursday.

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