Rightmove: stock up on revised offer from REA Group

(CercleFinance.com) - Rightmove shares are up over 1% in London today, as the Australian REA Group announced a new cash and share offer, with an implied value of 770 pence per share, for the British property listings portal.


After the initial offer of 705 pence per share on 5 September, REA first it a to 749 pence on 16 September, although Rightmove's board considered that it continued to 'fundamentally undervalue' the group.

We continue to see little incentive for shareholders to sell, as we believe that accelerating earnings growth and revaluation will take place, commented Panmure Liberum, which therefore maintains a 'buy' rating on Rightmove shares.


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