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.