Rightmove, the UK’s leading online real estate platform, experienced a significant surge in share price after REA Group, an Australian digital property giant majority-owned by Rupert Murdoch’s News Corp, indicated its interest in acquiring Rightmove. At 3:45 am (0745 GMT), Rightmove’s shares gained 19.8% to trade at 665.40. Although no formal offer has been made, REA mentioned in an exchange filing that it is contemplating a cash and share offer for Rightmove’s entire issued and to be issued share capital. The potential merger could create a dominant player in the digital real estate sector, spanning markets in both Australia and the UK. The combined entity would enhance offerings and market position, promising significant benefits for investors from both companies, including Rightmove shareholders anticipating increased share value and future growth within a larger enterprise. However, REA has until September 30 to formally decide on the acquisition intent or to withdraw, with the possibility of extending this deadline with the Takeover Panel’s approval.
Digital Real Estate Platforms, Mergers & Acquisitions,United Kingdom, Australia
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