Check out our new Timeline feature to give you the latest updates on all the stocks you follow. Clickhere to set up your Timeline.

Less Ads, More Data, More Tools Register for FREE
Sponsored Content
Don't want ads? Click here
Sponsored Content
Don't want ads? Click here

Pin to quick picksRightmove Share News (RMV)

Share Price Information for Rightmove (RMV)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 672.20
Bid: 670.60
Ask: 671.20
Change: -7.80 (-1.15%)
Spread: 0.60 (0.089%)
Open: 683.60
High: 683.60
Low: 669.20
Prev. Close: 680.00
RMV Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Timelines are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Murdoch's REA ends month-long takeover pursuit of Britain's Rightmove

Mon, 30th Sep 2024 13:09

Rightmove had rejected fourth REA bid earlier on Monday

*

Rightmove also declined due diligence access

*

REA says it will pursue other avenues for growth

Sept 30 (Reuters) - Rightmove's shares dropped 8% on Monday after Rupert Murdoch's REA Group ended its $8.29 billion takeover pursuit following a fourth bid rejection from the British real estate portal.

Australian property listing firm REA's decision to walk away from making a formal offer for Rightmove ahead of a 1600 GMT deadline capped a month-long saga that saw the London-listed firm rebuff four proposals on valuation concerns.

Rightmove's shares, which had rallied 20% since the first bid was made public on Sept.2, were down more than 8% at 614.40 pence at 1134 GMT.

"The lack of meaningful engagement and the consistent lack of information provided by Rightmove impeded the ability to progress discussions and work together towards a recommended transaction, within the timetable permitted," REA said in a statement.

Earlier on Monday, Rightmove said it had declined a request from REA to grant due diligence access, adding that shareholder interests would be better served through the execution of its standalone strategic plan.

REA, which had requested an extension of the deadline to make a formal offer, said it was disappointed that Rightmove was "unwilling to do so".

"But REA is excited to pursue its many other avenues for growth," it said.

Analysts at J.P.Morgan had said that its conversations with investors had suggested an offer price of at least about 800 pence to 850 pence per share would have been needed to see the deal through.

The latest proposal by REA Group, which is 62% owned by Murdoch's News Corp, consisted of 346 pence in cash, 0.0417 new REA shares and a special dividend of 6 pence in cash. That gave Rightmove an implied value of 781 pence per share, about a 3% increase over the previous bid.

Rightmove, the runaway house search market leader in the UK, has faced increased competition over the past year or so from rival OnTheMarket, which was bought by American property firm CoStar in 2023.

The UK company looks primed for a steady recovery from a property market downturn as the potential for more rate cuts boosts sentiment in the UK housing sector. (Reporting by Aby Jose Koilparambil in Bengaluru; Writing by Yadarisa Shabong; Editing by Subhranshu Sahu and Susan Fenton)

More News
1 Mar 2024 15:06

London close: Stocks start the month with positive close

(Sharecast News) - London's financial markets finished in positive territory on Friday, with investor sentiment buoyed by the recent easing of inflation in the United States, as market participants mulled the latest manufacturing data from the UK.

Read more
1 Mar 2024 11:50

LONDON MARKET MIDDAY: Stocks in green; eurozone CPI cools to 2.6%

(Alliance News) - Stock prices in London were higher at midday on Friday, after data showed that inflation in the eurozone fell by less than expected.

Read more
1 Mar 2024 08:49

LONDON MARKET OPEN: Housebuilders rise as UK housing market recovers

(Alliance News) - Stock prices in London opened mostly higher on Friday, after data from Nationwide showed that the UK housing market is recovering.

Read more
1 Mar 2024 08:39

TOP NEWS: Rightmove boosts dividend but sees drop in customers ahead

(Alliance News) - Rightmove PLC on Friday reported increased annual revenue and profit, but despite striking a confident tone for the future suggested customer numbers may fall in the coming year.

Read more
1 Mar 2024 08:00

Rightmove FY profits grow, customer numbers to ease

(Sharecast News) - Real estate property portal operator Rightmove said on Friday that profits had risen in 2023 and guided for further revenue growth in 2024 despite warning that customer numbers were likely to ease this year.

Read more
1 Mar 2024 07:41

LONDON BRIEFING: Rightmove and IMI post higher revenue and profit

(Alliance News) - Stock prices are called to open higher on Friday, ahead of a slew of manufacturing data.

Read more
29 Feb 2024 09:15

Friday preview: Global factory PMIs, Rightmove in focus

(Sharecast News) - All eyes at the end of the week will be on a raft of factory sector survey results for the month of February due out across the world.

Read more
23 Feb 2024 12:25

UK earnings, trading statements calendar - next 7 days

Read more
13 Feb 2024 16:53

LONDON MARKET CLOSE: Stocks in red amid sticky US inflation data

(Alliance News) - Stock prices in London closed in the red on Tuesday, after a key US inflation reading came in hotter-than-expected.

Read more
13 Feb 2024 16:21

London close: Stocks fall as US inflation tops expectations

(Sharecast News) - London markets ended the trading day in negative territory on Tuesday, influenced by concerns over higher inflation figures from the United States and a deceleration in wage growth within the UK.

Read more
13 Feb 2024 16:21

London close: Stocks fall as US inflation tops expectations

(Sharecast News) - London markets ended the trading day in negative territory on Tuesday, influenced by concerns over higher inflation figures from the United States and a deceleration in wage growth within the UK.

Read more
13 Feb 2024 12:06

LONDON MARKET MIDDAY: Stocks fall but pound up before US data

(Alliance News) - Stock prices in London were on the decline on Tuesday afternoon, with sentiment tetchy ahead of a US inflation report later.

Read more
1 Feb 2024 16:48

London close: Stocks turn lower as BoE keeps rates on hold

(Sharecast News) - London's financial markets finished in the red on Thursday, reversing earlier gains after the Bank of England maintained interest rates at current levels.

Read more
1 Feb 2024 11:12

Rightmove buys build-to-rent focused reviews site HomeViews Platform

(Alliance News) - Rightmove PLC on Thursday announced the acquisition of HomeViews Platform Ltd, with HomeViews Chief Executive Officer Rory Cramer set to remain at the helm.

Read more
1 Feb 2024 10:54

Rightmove to buy HomeViews for £8m in cash

(Sharecast News) - Property portal Rightmove said on Thursday that it has agreed to buy HomeViews for £8m in cash.

Read more

Free Investment Tools

Register for FREE

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.