Homestore Deal Cleared.Westlake Westlake, city (1990 pop. 27,018), Cuyahoga co., NE Ohio, a suburb of Cleveland; inc. as a city 1956. A growing city, its various manufactures include ink and plastics. Village-based Homestore.com Inc., which operates a network of real estate-related Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the sites, announced that federal antitrust Antitrust The antitrust laws apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution, and marketing. They prohibit a variety of practices that restrain trade. regulators would not oppose the company's purchase of Internet real estate "Internet Real Estate" is a popular buzzword that has two different definitions. First, "Internet Real Estate" can be used to describe the use of the Internet to promote, advertise, and view commercial and residential real estate for lease or purchase. portal Move.com from franchising giant Cendant Corp. Homestore.com said the Justice Department had notified the two companies that it would not oppose the closing of the acquisition. However, the department is continuing an investigation of some Homestore.com agreements, including some between Homestore.com and Cendant, officials said. The company said in October that it would buy Move.com and some of Cendant's related assets in exchange for 26.3 million Homestore.com common shares. At that time, the deal was worth about $761 million. The rise in Homestore.com's stock price since then has raised the value of the deal to about $900 million. |
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