OnTheMarket (OTM) has secured more support for a takeover by CoStar UK.
Proxy adviser Glass Lewis has given its backing to CoStar’s acquisition of the portal.
It comes ahead of a crunch vote for shareholders on 4 December surrounding the acquisition of OTM by CoStar which, if passed, would end the idea of an agent-owned portal.
CoStar, owner of US portals Homes.com and Apartments.com, made a £100m takeover bid through its UK arm for OTM earlier this month and vowed to “aggressively” build the business and grow its market share.
The offer is worth 110p per share for OTM.
The deal has been opposed by vocal OTM critic Brett Stone who has tried to alert people in the industry as well as ISS, MPs and even King Charles to what he believes is a bad deal that isn’t in the national interest.
Stone, a former partner at Cantor Fitzgerald and founder of Trunkstone, a new long-term holding company focused on the property commerce category and the managing partner of private investment partnership Edengen, has previously issued open letters questioning OTM’s management.
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Most of the votes have already been cast, and the 4th of December will be a rubber stamping of what is for all stakeholders a good deal. OTM when fully funded will continue its true agent centric aims, a definite win for agencies struggling with becoming modern agents.
The property industry like all industries is undergoing its 4th 'industrial/tech revolution' and that means serious cash needs to be deployed to help digitise and monetise all operations. The CoStar Group has these cash resources, and have for almost 40 years been ahead of the game with their strategy and vision which will help push along the UK property sector.
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