LONDON - CoStar Group (NASDAQ:CSGP), Inc., a provider of commercial real estate information, analytics and online marketplaces, has confirmed that it has followed through on its post-offer intentions for OnTheMarket plc, as required by Rule 19.6(c) of the City Code on Takeovers and Mergers. The confirmation comes one year after the acquisition was completed on December 12, 2023, and is in line with the commitments outlined in the offer announcement and scheme document released in October and November 2023, respectively.
The acquisition, which was carried out as a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006, has since been fully integrated into CoStar's operations. CoStar's compliance with its stated post-offer intentions was formally communicated in writing to The Panel on Takeovers and Mergers, the regulatory body overseeing the transaction.
CoStar's adherence to the post-offer intentions is significant for investors and stakeholders, reflecting the company's commitment to transparency and regulatory compliance following the takeover. The specific details of the post-offer intentions were not disclosed in the press release statement.
The announcement is a routine disclosure that publicly traded companies are required to make under the UK's regulatory framework, ensuring that entities adhere to their stated plans following a merger or acquisition. This confirmation serves as an accountability measure for the actions taken by CoStar post-acquisition and provides a level of assurance to the market regarding the company's business conduct.
The information in this article is based on a press release statement and is intended to inform stakeholders of CoStar's regulatory compliance in relation to its acquisition of OnTheMarket.
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