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Takeover Panel rejects OTM critic's review request

OnTheMarket (OTM) critic Brett Stone has failed to get the Takeover Panel to intervene in the acquisition of the portal by CoStar.

It comes as OTM shareholders will vote on CoStar’s takeover next week.

Stone has written several open letters opposing the deal, claiming it undervalues OTM and isn’t in the national interest.


A stock market update by the Takeover Panel panel revealed that Stone had made requests for a hearings committee to be convened to review certain rulings of its executive.

But the update said the Takeover Panel has not issued a ruling which could serve as a subject for possible review.

The Takoever Panel still considered Stone’s submissions and previous claims, but concluded that a committee could not be convened because he is not a person affected by the executive's ruling, he does not have a sufficient interest in the matter and that his complaint has no reasonable prospect of success.



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