Onthehouse takeover discussions still going

Online property portal Onthehouse has said that discussions regarding a takeover bid led by Macquarie Group and CoreLogic are not yet concluded.

In an ASX update last Tuesday, Onthehouse said there has been “no material change to engagement with the Macquarie Consortium”.

Onthehouse told the ASX in March that it had received a “revised, non-binding conditional proposal” led by Macquarie Group and CoreLogic to acquire 100 per cent of the company.

The revised offer priced Onthehouse shares at 85 cents – up from 75.5 cents which was previously proposed and rejected as part of the original indicative proposal received in December 2015.

Onthehouse shares were priced at 74 cents at the start of trading last Friday.

The firm responded to the revised takeover offer on March 11 by advising that its independent board committee decided to allow the consortium to undertake confirmatory due diligence for a four-week period in order to present a binding proposal.

“The revised proposal is subject to a number of conditions including due diligence, finalisation of scheme of arrangement documentation, the unanimous recommendation to the independent directors and internal, external and regulatory approvals,” Onthehouse said in the March update.

“The committee notes that there is no certainty that the revised proposal will result in a binding offer or scheme or that there will be a recommendation by the committee to accept the offer.”

In the update the firm also cautioned its shareholders not to make any decisions about Onthehouse shares on the assumption that a transaction will proceed.

The firm said last Tuesday that discussions with the consortium are continuing.

[Related: Apple forcing property portals to lift their game]


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