ASX shrugs of Wall Street lead to open lower. Gold and iron ore prices weigh on index. Star. Follow for more.
Australia’s largest property technology company, REA Group, says it is considering lobbing an offer to buy the UK’s market leader Rightmove. In a statement to the ASX on Monday, REA, which is majority owned by News Corp and owns realestate.com.au, confirmed it is mulling “a possible cash and share offer for the entire issued and to be issued share capital of Rightmove”.
“There can be no certainty that an offer will be made, nor as to the terms on which any offer may be made,” REA said. “REA shareholders do not need to take any action at this time.” Rightmove was founded in 2000 by four corporate estate agencies, and listed on the London Stock Exchange in 2006. It is now worth £4.4 billion . Meanwhile REA, founded in 1995, is one of the ASX’s top 20 companies and is worth $28.9 billion. Deutsche Bank is REA’s financial advisor for REA.
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