UK property portal’s shares surge up to 25% in early trading amid interest from Australian property company
An Australian property company majority owned by Rupert Murdoch’s News Corp has said it is considering a takeover bid for Rightmove, the British property website., but that it has not yet had any discussions with the company, in statements to the Australian and UK stock markets on Monday.
REA was founded in 1995 in a garage in Melbourne. After floating in 1999 its value soared during the dotcom bubble before crashing. It owns a number of property websites in Australia, including, property.com.au and data company Proptrack. It also has several brands in India, and realtor.com in the US. The company has previously tried to expand into the UK, but it
Rightmove listed its shares on the London Stock Exchange in 2006. Its biggest shareholders are Los Angeles investment manager Kayne Anderson Rudnick with 20% and British investment manager Lindsell Train, with 6.6%.
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