By Guy Taylor
Property site Onthemarket could be subject to a £100m takeover bid as early as tomorrow, according to a report.
Onthemarket’s board is expected to recommend a multi-million pound offer from US-based commercial property giant Costar Group, Sky News reported this evening.
The bid would likely be pitched at a significant premium to Onthemarket’s 70.5p closing price on Wednesday, although the exact price is unclear, the report said.
Onthemarket has struggled with higher than expected cancellations of its agent contracts this year. The group posted a revenue surge in its financial results in July, but failed to keep hold of its agent customers, which dipped 2 per cent.
One source told Sky News that a successful swoop from property giant Costar, which has a valuation of $33bn (£27bn) on the Nasdaq stock exchange, would enable Onthemarket to gain ground on competitors such as Rightmove and Zoopla.
Costar has made a number of acquisitions in recent years, including a $156m takeover of the residential real estate website Homes.com in 2021. In 2020, the firm bought Ten-X, formerly Auction.com for $190m.
Onthemarket and Costar were approached for comment.
