Onthehouse receives revised takeover offer

Onthehouse receives revised takeover offer

by 0 comments

Online property portal Onthehouse has announced it has received another takeover bid led by Macquarie Group.

In an ASX update yesterday, Onthehouse said it had “received a revised, non-binding, conditional proposal” to acquire 100 per cent of the company.

The takeover offer prices Onthehouse shares at 85 cents – up from 75.5 cents, which was previously proposed and rejected as part of the indicative proposal received on December 24. Onthehouse shares were priced at 69 cents at the start of trading yesterday.

The members of the takeover consortium are 77VSV and PIQ1, which are controlled by Macquarie Group and which already own about 19.3 per cent of Onthehouse. The consortium has requested an opportunity to undertake confirmatory due diligence.

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

“The consideration payable under the revised proposal is expressed to be final, subject to there being no alternative in relation to shares in Onthehouse.”

Onthehouse said its independent board committee is evaluating the revised proposal and will update the company’s shareholders and the market following that consideration.

“The board 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 independent board committee to accept the offer,” it said.

“Onthehouse cautions its shareholders not to make any decisions about Onthehouse shares on the assumption a transaction will proceed.”

Following Onthehouse’s rejection of the initial takeover offer in January, chairman Tony Scotton said the company would remain open “to any offer that would maximise shareholder value”.

[Related: Onthehouse unveils ‘milestone’ tech platform]

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
How this agent's commitment to clientele built him a 25k-strong client base

In this episode of Secrets of the Top 100 Agents, host Tim Nearly talks to RT Edgar’s Glen Coutinho who ranked number six in this year’...

View all podcasts

How effective are testimonials as a marketing tool?

Not effective at all
Somewhat effective
Very effective
They are the most effective tool there is
Do you have an industry update?