OnTheMarket PLC has highlighted that proxy voting adviser ISS has issued a voting recommendation in favour of the CoStar takeover.
It noted that ISS has recommended to its clients that shareholders vote for the deal at the 4 December meetings, in line with the board’s unanimous recommendation.
US giant CoStar made the £99m bid last month, with the 110p per share offer price a 56% premium to the last close price, though below short-term levels seen in 2019 and 2021.
In a statement, OnTheMarket’s board reiterated its unanimous recommendation, stating it is an attractive valuation for shareholders and, as the company was set up by estate agents, is seeking to “create the number one agent-friendly UK residential property portal and a genuine disruptor to the established market leaders”.
Subject to obtaining the approval of OnTheMarket shareholders, the takeover is expected to become effective on 12 December 2023.
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