The takeover of OnTheMarket PLC (AIM:OTMP) by CoStar looks to be going ahead as planned after objections by an unhappy activist investor were denied by the UK takeover panel.
In a statement this afternoon, the chair of the panel's hearings committee denied a request by Brett Stone, partner of private investment firm Edengen, to have the hearings committee of the panel convene to review his objections.
The ruling published today was that Stone "has not made out an arguable case" that certain principles of the UK takeover code had been contravened.
It had been made on 29 November, with Stone given 24 hours to file an appeal, but no response had been received.
“Mr Stone stated in his original submissions that it is his public-spirited interest in the success of small business member-shareholders of OTM and in the long-term development of the United Kingdom property commerce category that has caused him to voice his opposition to the acquisition," the chair of the committee said.
“These may be very worthy considerations, but they do not mean that Mr Stone is a person affected by the executive’s ruling, as distinct from someone taking it upon himself to speak on behalf of those he believes will be affected. Neither the ruling nor the acquisition generally has a direct impact on Mr Stone.”