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OntheMarket - 110p cash offer from Homes.com owner

November 2023

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • OTMP
  • Price:
  • 110p
OnTheMarket has announced a recommended cash offer from New York property giant CoStar Group, which already owns Homes.com (#2 residential property platform in the US), LoopNet.com (#1 commercial property marketplace in US) and Apartments.com (#1 apartment marketing site in the US). The offer at 110p values the business at £99m, a 56% premium on the previous day’s closing price. CoStar is a New York listed heavyweight with a market cap of over US$33bn and has the stated ambition to displace Rightmove with OnTheMarket, which is why both Rightmove and Zoopla fell on the news. CoStar already has irrevocable commitments from shareholders representing 29.51% of equity. Tipped at 87.5p in May ‘22; accept the offer. ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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