MENU

Macquarie Group Ltd set to takeover Onthehouse Holdings Ltd

Credit: noona11

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.

The Internet is About to Go "Six Feet Under"... And You CAN'T Afford to Miss What Comes Next

In-the-know investors are dancing on the Internet's grave--and gearing up to cash in on an even BIGGER tech industry. Australia--and the world--will NEVER be the same... And the 1 ASX stock that stands to grow YOUR money right alongside it is here! Simply click here to learn its name.

Motley Fool writer/analyst Owen Raszkiewicz has no position in any stocks mentioned.

Owen welcomes your feedback on Google plus (see below), LinkedIn or you can follow him on Twitter @ASXinvest.

Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.