Scheme document published for the £99 million recommended cash acquisition of OnTheMarket by CoStar
November 2023
Headquartered in Washington DC, CoStar Group is a leading global provider of commercial and residential real estate information, analytics, and online marketplaces.
The Company is included in the S&P 500 Index and the NASDAQ 100, and on a mission to digitize the world’s real estate, empowering all people to discover properties, insights and connections that improve their businesses and lives.
CoStar has numerous brands from offices, hospitality and industrial properties, to apartments, residential and retail, to land and businesses for sale, they cover the entire real estate landscape, providing solutions that meet the needs of all of their audiences.
OnTheMarket plc is listed on AIM and its online product OnTheMarket.com is one of the UK’s leading property search websites displaying thousands of properties for sale or to rent, similar to Rightmove and Zoopla.
The key proposition of the business is the creation of an agent-backed, full-scale property portal by offering a premier search experience to consumers whilst charging sustainably fair prices to estate and letting agents and house builder customers.
On 19th October 2023, the boards of directors of CoStar UK Limited, a wholly-owned indirect subsidiary of CoStar Group, Inc. and OnTheMarket plc announced that they had reached an agreement on the terms of a recommended cash offer to be made by CoStar for the entire issued and to be issued share capital of OnTheMarket plc.
Publication of the Scheme Document
Having produced the admission document when OnTheMarket floated on AIM in February 2018 and all their annual reports since, the Perivan shareholder communications team was delighted to work with Eversheds Sutherland who acted UK legal adviser to OnTheMarket on the production of the Scheme and associated ancillary documents, which were successfully published and posted to qualifying shareholders on 7th November 2023.
For further information, click here.
Perivan specialise in producing and publishing financial documents relating to shareholder and investor communications for quoted companies, private companies, and open and closed-ended funds and have helped with over 40% of all UK public M&A transactions in 2023.
