LONDON, UK: OnTheMarket, the UK’s third largest property portal, has received positive voting recommendations from two independent proxy advisers for its proposed acquisition by CoStar, the US-based provider of commercial real estate information and analytics.
Glass Lewis & Co. and Institutional Shareholder Services Inc. have both advised OnTheMarket shareholders to vote in favour of the deal, which values the company at 110 pence per share, a 56% premium to the closing price before the offer was announced.
The Board of OnTheMarket has also unanimously endorsed the acquisition, saying it offers an attractive valuation for shareholders and a compelling proposition for customers.
CoStar, which operates the UK’s leading commercial property portal, CoStar Suite, has pledged to invest in OnTheMarket’s growth and to maintain fair and sustainable pricing for agents. CoStar also intends to keep OnTheMarket’s senior management and employees and to create the number one agent-friendly UK residential property portal.
The acquisition is subject to the approval of OnTheMarket shareholders at the Court Meeting and the General Meeting to be held on 4 December 2023, as well as the sanction of the Court and other customary conditions.
OnTheMarket shareholders are strongly urged to appoint a proxy or complete their voting instruction in accordance with the instructions set out in the Scheme Document, which is available on the company’s website.
CoStar Group offers to acquire OnTheMarket plc for £99 million