Rightmove: boosted by interest from REA Group

(CercleFinance.com) - Rightmove is up over 22% in London, as REA Group, News Corp's Australian subsidiary, has confirmed that it is considering a possible cash and share offer for the UK's leading Internet property listings portal.


'Our Board believes that there are clear similarities between REA and Rightmove', explains REA, which points to their strong market positions in the core residential business, as well as continued expansion and innovative offerings in adjacent segments.

However, it says it has not approached or held discussions with Rightmove about a potential offer, and warns that there can be no certainty about whether an offer will be made, or the terms of any potential offer.

We see this as opportunistic, and that any successful transaction would require a significant premium (potentially up to 60%) to Rightmove's share price", says Panmure Liberum, who remains at "buy" on the stock.

Copyright (c) 2024 CercleFinance.com. All rights reserved.