Rightmove Shares Retreat Following Takeover Report-Driven Gains

Dow Jones10-09 16:32

Rightmove shares fall following increases in the previous session on a report that Australia's REA Group was considering a renewed takeover offer for the London-listed company.

Shares were down 2.2% at 491.30 pence in morning European trading, having climbed to a high of 502.60 pence on Thursday. They are currently down 5.2% over the year to date.

An article on markets blog Betaville on Thursday said the Australian multinational digital advertising company was considering a renewed takeover bid for property portal Rightmove.

Rightmove didn't immediately respond to a request for comment by Dow Jones Newswires.

REA had made a number of takeover approaches to buy Rightmove in September 2024 before walking away. Its fourth and last proposal was for 781 pence a share, including a special dividend of 6 pence. All proposals were rejected by Rightmove, which said at the time they undervalued the business and its prospects.

REA Chairman Hamish McLennan said at the annual general meeting on Oct. 7 that Rightmove was not on the company's radar and that it was focused on high-growth assets.

"We've moved on," McLennan said in response to a question at the meeting.

REA is majority-owned by News Corp Australia. News Corp is the parent company of Dow Jones & Co., publisher of The Wall Street Journal and Dow Jones Newswires.

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