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Dealing in OnTheMarket shares will cease at 7.30am on December 12 following yesterday evening’s announcement that the CoStar takeover had won shareholder approval.
The takeover won the approval of 94.22 per cent of OTM shareholders, representing 97.28 per cent of share value held.
The move represents the end of the OTM agent-owned portal model; instead, it becomes part of the CoStar empire which already owns US portals Homes. com and Apartments .com.
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.
Commenting on the acquisition, OTMN chief executive Jason Tebb - who is expected to stay on in the role - says: “From a position of strength, partnering with CoStar will significantly accelerate our strategy with the clear target of becoming the market leader, whilst staying committed to fair and sustainable pricing.
“CoStar will bring industry-leading global expertise and significant financial firepower to invest in OnTheMarket, allowing us to accelerate our transformation of the sector. We have strong shared values in our commitment to agents who we believe will benefit from unparalleled value and greater opportunities to enhance their businesses.”
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"whilst staying committed to fair and sustainable pricing" Co star are not doing this for fair play to agents. If & when a leading market position is achieved I have no doubt that this model will replicate the strategy of rightmove......end of!
The idea befind On Th Market was good. An industry owned web site was the way to go. Some of us backed it but the industry didnt so the industry will get what it deserves.
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