OTM critic targets asset manager in latest CoStar takeover attack

OnTheMarket (OTM) critic Brett Stone is still making last-ditch attempts to stifle a takeover of the portal by CoStar UK.

Stone, a partner at private investment partnership Edengen, has become a vocal opponent of the deal after a failed approach to overhaul the brand and let him join the management team.

He has written letters to OTM as well as shareholders and independent proxy advisers to warn that the CoStar takeover isn’t in the national interest and will mean increased fees for agents, a claim that has been denied.

His letters have been ignored and proxy advisers Institutional Shareholder Services and Glass Lewis have both said shareholders should vote for the takeover.

With just days to go until OTM shareholders vote on a takeover, Stone isn’t giving up and his latest open letter is aimed at Schroders, which has given its backing to the deal.

CoStar’s offer is worth 110p per share for OTM but Stone has asked Schroders how this is of value for its investors given that it purchased shares at 165p more than five years ago and “advertises itself to place a high value on corporate and social responsibility.”

He said: “It is important that Schroders are transparent about their decision-making process in matters of national importance and set a good example as responsible custodians of companies.”