OnTheMarket shares jump on CoStar’s bid
- OnTheMarket shares rose 53% after CoStar Group agreed to acquire the company
- CoStar Group will invest £46.5 million into sales and marketing
- CoStar’s bid values OnTheMarket at approximately £100 million
- Rightmove shares fell by 13% in response to the news
Factuality Level: 8
Justification: The article provides specific information about the rise in OnTheMarket shares and the acquisition by CoStar Group. It also mentions the investment CoStar Group intends to make in sales and marketing. However, there is no additional information or context provided about the companies or the market, which could have been helpful for a better understanding of the situation.
Noise Level: 3
Justification: The article provides relevant information about the acquisition of OnTheMarket by CoStar Group and the impact on the stock prices of both companies. However, it lacks in-depth analysis, scientific rigor, and actionable insights. It also includes some irrelevant information about Rightmove shares falling, which is not directly related to the main topic.
Financial Relevance: Yes
Financial Markets Impacted: CoStar Group, OnTheMarket, Rightmove
Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article pertains to financial topics as it discusses the acquisition of OnTheMarket by CoStar Group and the impact on the shares of OnTheMarket and Rightmove. However, there is no mention of any extreme event.
Public Companies: OnTheMarket (OTMP), CoStar Group (CSGP), Rightmove (RMV)
Private Companies:
Key People:
OnTheMarket shares surged 53% to 108 pence following the announcement that CoStar Group will acquire the company. The deal values OnTheMarket at approximately £100 million, with CoStar offering 110 pence per share. As part of the acquisition, CoStar plans to invest £46.5 million into sales and marketing, significantly more than OnTheMarket’s annual spend. The news had a negative impact on Rightmove, with shares falling by 13%.
