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Glass Lewis recommends vote for OnTheMarket’s acquisition

10:56, 28th November 2023
Lauren Gibbons
Vox Newswire

OnTheMarket (OTMPFollow | OTMP, operator of the OnTheMarket.com property portal, received a positive recommendation from Glass Lewis for its acquisition by CoStar, echoing ISS's earlier support. Glass Lewis urges shareholders to vote “FOR” the acquisition at the upcoming meetings on December 4th, supporting the Board's unanimous recommendation.

Reasons for voting “FOR” include: 

  • Attractive valuation: 110 pence per share, offering a significant premium.
  • CoStar's intent: To become the leading agent-friendly UK property portal, investing heavily in growth strategies.
  • Fair pricing commitment: CoStar plans to maintain reasonable charges for agents, differing from Rightmove's rates.
  • Traffic growth: CoStar pledges to boost traffic to benefit OnTheMarket's agents.
  • Employee retention: CoStar plans no major staff cuts, valuing current contributions.

As more fully described in the Scheme Document, the Scheme will require OnTheMarket Shareholder approval at the Court Meeting and the General Meeting in order to become Effective.

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