But shares in the London-listed target soared 2 per cent overnight on confirmation that the News Corp-controlled group was considering making a takeover bid.
Rightmove’s website is the most popular real estate listing platform in the UK.“A combination of the two businesses would provide a significant opportunity to unlock shareholder value,” REA said in its statement. Shares in REA, which is 61.5 per cent owned by News Corp, fell 5.3 per cent to $207.4 after the announcement.
The acquisition would transform REA, which owns realestate.com.au, mortgage broking firm Mortgage Choice and property valuation firm PropTrack, into a global business. But the expansion could be a risky one. Several major ASX-listed groups have tried and failed to acquire businesses in the UK, including Wesfarmers, whichBrokers were also sceptical about the purchase.
Rightmove was founded in 2000 by four real estate agencies, and listed on the London Stock Exchange in 2006. REA, founded in 1995, is one of the ASX’s 20 largest listings with a market capitalisation of $27.4 billion.
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