Industry News

Chicago MLSs move closer to merger

MLSNI, MAP boards vote to approve consolidation

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Despite a rift among shareholders of the Multiple Listing Service of Northern Illinois, its board of directors this week approved a consolidation with a rival Chicago-area MLS. The consolidation is not a done deal yet, though, as MLSNI shareholders must also consider the transaction. The Realtor association-owned MLSNI board of directors voted 14-4 on Wednesday to approve a restructuring plan that includes a joining with smaller broker-owned competitor Map MLS (the MLS of Mount Prospect, Arlington Heights, Palatine and Prospect Heights), and the MAP MLS board voted unanimously Thursday to approve the plan. The consolidation will be voted on by MLSNI's shareholders Nov. 15 during an annual meeting. "Since Realtor Boards representing 86 percent of MLSNI's voting power have publicly announced their support for the transaction, the consolidation should be approved by an overwhelming shareholder vote," according to an announcement today by the Chicago Association of Realtors, a shareholder...