UK’s OnTheMarket Surges by Record on Takeover Deal by CoStar (1)

Shares of UK property portal OnTheMarket Plc rallied the most on record after US real estate firm CoStar Group Inc. agreed to take over the firm in a transaction valued at about £99 million ($120 million).

Holders of OnTheMarket will get 110 pence per share in cash, representing a premium of 56% to the stock’s Oct. 18 closing price, according to a statement Thursday. The deal has the support of almost 30% of OnTheMarket’s share capital, it said.

CoStar — whose market value is more than $30 billion — is seeking to turn around OnTheMarket, whichwarned Thursday that a ...