OnTheMarket to be taken over by CoStar in £99m deal

(Sharecast News) - OnTheMarket said on Thursday that it has agreed to be taken over by US commercial real estate information group CoStar in a £99m deal. Under the terms of the transaction, OnTheMarket shareholders will receive 110p per share in cash, which is a premium of around of around 56% to the closing share price on Wednesday.

OnTheMarket said it has the support of 29.51% of its share capital, which includes its six largest shareholders.

Chairman Chris Bell said: "The offer from CoStar recognises the quality of OnTheMarket and the significant potential of the business, while offering shareholders an attractive opportunity to realise their investment at a substantial premium to the prevailing share price."

News of the takeover came alongside the company's interim results, which showed that revenue nudged up 1% to £16.9m, while adjusted earnings before interest, tax, depreciation and amortisation were flat at £3.1m.