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Rupert Murdoch’s REA Group considers bid for Rightmove property portal

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Rupert Murdoch’s REA Group considers bid for Rightmove property portal

Rupert Murdoch, chairman emeritus of media empire News Corp.

Axelle/bauer-griffin | Filmmagic | Getty Images

LONDON — Rupert Murdoch-owned REA Group said Monday it is contemplating a takeover offer for U.K. property portal Rightmove in a bid to create a global digital real estate business.

The *********** property listings company, which is controlled by Murdoch’s News Corp, said in a

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to the *********** stock market that it was considering a possible cash and share offer for Rightmove, but it has not yet had any discussions with the company.

Shares of Rightmove jumped 25% in early deals following the announcement. The stock was 23% higher by 10:56 a.m. and was trading at the top of the FTSE 100. Shares of REA Group fell as much as 6%.

Rightmove has not released a statement nor did it immediately respond to CNBC’s request for comment.

REA Group’s announcement comes after reports emerged that it was working with Deutsche Bank on a large overseas acquisition,

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to the Financial Times.

In its statement, REA Group said it saw the potential acquisition as a “transformational opportunity” and cited “clear similarities” between the two firms, including strong brand awareness, market share and “highly aligned cultural values.”

Under *** takeover laws, REA now has until the end of September to formally make an offer or walk away following its public expression of interest.



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#Rupert #Murdochs #REA #Group #considers #bid #Rightmove #property #portal

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