BrokerageIndustry News

Chicago MLS merger approved

Consolidation plan would provide more broker control

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Shareholders for the Multiple Listing Service of Northern Illinois are planning an informal meeting within the next couple of weeks in response to a controversial vote last week to approve a consolidation with a rival, the broker-owned MAP MLS. A group of dissenting shareholders -- representing five of 10 shareholders of MLSNI, did not participate in last week's meeting. Those shareholders who were present voted 3-1 to approve the consolidation plan, which will change the operating structure of MLSNI and lead to greater broker control of the joined MLS. One shareholder abstained from the vote. The MAP MLS board has already approved the consolidation, and MAP brokers will consider the deal at a meeting later this month. The MLSNI board had voted 14-4 in October to approve the consolidation with MAP MLS. The shareholders who opposed the proposed consolidation plan have said that the deal is unnecessary and lacks compelling financial benefits for the MLS participants they represent, whi...