Property Portal OnTheMarket Surges 53% on $120 Million Takeover by CoStar
- Property portal shareholders to get 110 pence per share
- Company lags behind property portal rivals Rightmove, Zoopla
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Shares of UK property portal OnTheMarket Plc rallied the most on record after US real estate firm CoStar Group Inc. agreed to take over the firm in a transaction valued at about £99 million ($120 million).
Holders of OnTheMarket will get 110 pence per share in cash, representing a premium of 56% to the stock’s Oct. 18 closing price, according to a statement Thursday. The deal has the support of almost 30% of OnTheMarket’s share capital, it said.