The offer price represents a premium of approximately 97% aboveTuesday's closing price of $4.44 per share, CoStar said. Neithercompany returned calls to GlobeSt.com in time for publication.

It did not take Reis long to reject the same offer again.Shortly before the close of business Wednesday, it issued astatement that its board of directors rejected CoStar's proposal.The Board's view is that the price offered in the CoStar proposalis inadequate, according to the press release, as "the price isbelow the long-term value Reis could realize for its stockholdersby the pursuit of its business as an independent entity and thecontinued disposition of its real estate assets, or by a sale ofthe company."

"It is extraordinarily disappointing that, after our Boardunequivocally rejected CoStar's $8.75 proposal, CoStar has seen fitto come back with exactly the same proposal in a hostile fashion,"Lynford, says in the prepared statement. "To judge the value of ourcompany by the daily trading prices of its relatively illiquidcommon stock makes no sense. We trust that our clear secondrejection of CoStar's offer will prompt CoStar to withdraw it. OurBoard will, of course, review carefully any serious proposal fromany responsible third party."