In a statement, OTM said: “OnTheMarket seeks to become the number one portal in the UK following an offer from CoStar Group.
Read MoreBig changes at OTM following £100m Co-Star acquisition
Five seniors from CoStar in the US and Europe will now make up the portal's board, with its existing CEO, CMO and CFO remaining to run OTM but not on its board.
Read MoreCity activist fails in last-minute attempt to stop OTM sale
Brett Stone, who has been critical of the way the portal is being sold to CoStar, will not get another chance to disrupt the takeover.
Read MoreOnTheMarket to be sold for £100m to huge property data firm
OTM confirms reports that CoStar, which has offices in 15 countries and is valued at £33 billion, wants to use OTM to take on Rightmove and Zoopla.
Read MoreOnTheMarket slammed over ‘poor performance’ by City activist
On the day of its AGM, Brett Stone has claimed in an open letter that the portal continues to miss its key objective of rebalancing power towards agents in the 'portal wars'.
Read MoreOTM can ‘save agents up to £8k per year’, CEO tells The Neg
Jason Tebb says OnTheMarket is not only the cheapest portal, but can offer thousands in savings through additional services.
Read MoreOnTheMarket first portal to use AI to help agents list properties
The portal says its agent offering will be live in a few weeks, while house hunters can already use its AI enhanced property search.
Read More‘What next for agent shareholders of OnTheMarket’ asks City analyst
David Reynolds of Davy Research says many agents may be waiting for its share price to recover, while the portal's chief says it shows most have faith in the portal's future.
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