Leading investor group Glass Lewis has backed CoStar’s £99m takeover of property portal OnTheMarket, which also won the backing of fellow proxy group ISS last week.

US giant CoStar made the £99m bid last month, with the 110p per share offer price a 56% premium to the last close price, though below short-term levels seen in 2019 and 2021.

In a statement, OnTheMarket’s board issued a unanimous recommendation, stating it is an attractive valuation for shareholders and, as the company was set up by estate agents, is seeking to “create the number one agent-friendly UK residential property portal and a genuine disruptor to the established market leaders”.

Subject to obtaining the approval of OTM shareholders at the Court Meeting and General Meeting on 4 December, the takeover is expected to become effective on 12 December 2023.