OnTheMarket shares jump on CoStar’s bid

OnTheMarket shares
OTMP,
+53.19%
rose 53% to 108 pence after CoStar Group
CSGP,
-1.43%
agreed to acquire the third most visited residential property portal in the United Kingdom, for 110 pence per share, or approximately £100 million. CoStar Group intends to invest £46.5 million into sales and marketing in the first full year following the commencement of the integration of the portal into CoStar’s network of residential marketplace, which it said was six times OnTheMarket’s annual spend and more than three times that of Rightmove
RMV,
-14.29%.
Rightmove shares fell by 13%.