Rightmove says it ‘will consider’ new and improved offer from Rupert Murdoch’s REA Group

The board of Rightmove has confirmed that it has today received a fourth unsolicited, non-binding and highly conditional proposal valuing the company at £6.2bn from REA Group – a possible cash and share offer – to acquire the entire issued and to be issued ordinary share capital of Rightmove, which it will now consider.

Statement:

Under the terms of the Latest Proposal, shareholders of Rightmove would receive, for each Rightmove share:

–         346 pence in cash and 0.0417 new REA shares, which implies an offer value of 775 pence based on the closing price of REA on 27 September 20241, and

–         a dividend of 6 pence in cash (in lieu of any final dividend for the year ending 31 December 2024 to which Rightmove shareholders would ordinarily be entitled).

“As it has done throughout this process, the Board will consider the Latest Proposal together with its financial advisers and, in the meantime, shareholders are urged to take no action.

“There can be no certainty that any offer will be made for the Company nor as to the terms on which any offer may be made.

“Any offer for Rightmove is governed by the City Code on Takeovers and Mergers (the “Code“). Under Rule 2.6(a) of the Code, REA must, by not later than 5.00 p.m. on 30 September 2024, either announce a firm intention to make an offer for Rightmove in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.

“This announcement has been made without the consent of REA.”

This article is being updated