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(The Sun 24 Hours Radio) – Rightmove – operator of the UK’s largest online property portal – soars on the London Stock Exchange (FT-SE 100 ) after the Australian Rea has made it official that it is interested in acquiring the British company. In a communication to the LSE, Rea, whose majority shareholder is Rupert Murdoch’s News Corp, “in the wake of press rumours about a possible offer for Rightmove, confirms that it is evaluating a possible cash and share offer for the entire capital».
The Rea board believes that there are “clear similarities between Rea and Rightmove in terms of their leadership position in the strategic residential sector, the continuous innovation and expansion of the offer in adjacent segments, the market share, as well as the highly aligned cultural values”. The integration between the two groups would lead to the creation of “a global, diversified digital real estate companyranked first in the UK and Australia. Rea said there was “no certainty that the offer would be made” at this time. Under UK law, the Australian company must announce by September 30 whether it intends to make the offer or withdraw. Rightmove closed up 0.9% in London on Friday, giving it a market capitalisation of £4.4bn.
