OnTheMarket shareholders to vote on CoStar UK takeover early next month – London Wallet

OnTheMarket shareholders will vote whether to accept a takeover offer from CoStar UK on 4 December.

CoStar, owner of US portals Homes.com and Apartments.com, made a £100m takeover bid last month its UK arm for OTM, with an offer worth 110p per share for the property portal.

The OnTheMarket Directors, who have been so advised by Zeus as to the financial terms of the Acquisition, consider the terms of the Acquisition to be fair and reasonable. In providing advice to the OnTheMarket Directors, Zeus has taken into account the commercial assessments of the OnTheMarket directors. 

Accordingly, the OnTheMarket directors recommend unanimously shareholders support the offer and require 75% of backing for the deal to be approved.

Subject to obtaining the approval of OnTheMarket shareholders, the takeover is expected to become effective on 12 December 2023.