REIS: Reis's stock rockets after $278 million buyout deal with Moody's

Shares of Reis Inc. rocketed 32% to pace all premarket gainers Thursday, after the commercial real estate data company announced an agreement to be acquired by Moody's Corp. in a cash deal valued at $278 million. Under terms of the deal, Moody's will pay $23 a share for each Reis share outstanding, which is 32% above Wednesday's closing price of $17.40, but below the July 12 two-year closing high of $23.85. After the deal closes, which is expected to occur during the fourth quarter of 2018, Reis will become a wholly-owned subsidiary of Moody's. Reis's stock had tumbled 19.8% over the past three months through Wednesday, while Moody's shares had gained 1.7% and the S&P 500 had advanced 7.0%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.