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High court approves CoStar takeover of OnTheMarket

CoStar’s takeover of OnTheMarket was sanctioned by the high court yesterday, paving way for the portal’s shares to be delisted by the end of next week.

US-owned CoStar made a £100m takeover bid through its UK arm for OTM in November and vowed to “aggressively” build the business and grow its market share.

The offer is worth 110p per share for OTM.

The takeover was approved by 94.22% of shareholders on Monday, representing 97.28% of share value held.

Following the high court approval, the last day of share dealings on the alternative investment market for OTM will be 11 December before shares are suspended from 730am on 12 December.

A cancellation of admission to trading is then expected on 15 December.



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