Glass Lewis recommends vote for OnTheMarket’s acquisition

Nov 28, 2023

OnTheMarket (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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Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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Glass Lewis recommends vote for OnTheMarket’s acquisition