Onthehouse Holdings Ltd (ASX: OTH) has received an unsolicited, non-binding, conditional and indicative proposal from a consortium led by Macquarie Group Ltd (ASX: MQG) and CoreLogic Australia Holdings Pty Limited.
The potential scheme of arrangement will consist of investors in 77VSV and PIQ1 Pty Limited, a subsidiary of Macquarie.
In an ASX market release, Onthehouse, a small-cap company which controls Australia's third-largest online real estate listing portal, said the indicative proposal is contemplating an all-cash consideration of $0.755. Based on yesterday's closing price of $0.595, the offer represents a 26.9% premium to Onthehouse's last traded price.
The proposal is subject to a few conditions, including due diligence, regulatory, internal, external, and independent director approval.
Since two Onthehouse directors, Michael and Daniel Dempsey, are on the board of 77VSV, an independent Board committee has been formed to evaluate the proposal.
Onthehouse has advised its shareholders to take no action since there is no guarantee a binding offer will result, nor any guarantee that the board will accept the offer.
