In an attempt to establish a worldwide real estate company, REA Group announced early on Monday that it was evaluating a takeover offer. News Corp, which already owns 61% of REA, is the owner of the UK daily brands The Sun and The Times through its News UK division.
When the FTSE 100 began for trading, Rightmove’s shares surged 24% to 689p, reaching their highest point in 2.5 years.
As of Friday’s closure, Rightmove, which generates revenue from the listing of real estate agents on its website, was valued about £4.4 billion.
According to the news agency, the offer and the expanded group offer a very alluring investment opportunity given the UK’s softening interest rate environment and the recent commencement of returns on new investment.However, REA’s stock dropped 8%.
If the UK has a firm intention to make an offer by September 30th, it must notify the market in accordance with the takeover code.
