Australia’s REA Group considers buying UK-based Rightmove

AUSTRALIAN real estate firm REA Group said on Monday (Sep 2) it is considering acquiring London-listed peer Rightmove via a possible cash and share offer.

REA Group, majority-owned by News Corp, said it had not yet approached or had any discussions with Rightmove on a potential offer.

Rightmove, Britain’s largest property portal, had a market value of £4.4 billion (S$7.5 billion), as at Friday’s close.

Shares of Melbourne-headquartered REA Group, in which the Murdoch family owns more than 61 per cent, fell as much as 5.9 per cent to A$206.01 by 0053 GMT.

Rightmove did not immediately respond to a Reuters’ request for comment.

“There can be no certainty that an offer will be made,” the Australian company said.

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REA Group now has to either lodge a firm bid for Rightmove or back out by Sep 30, according to the UK’s takeovers rule. REUTERS