From Morningstar: 2024-09-02 07:22:00

Shares in Rightmove (RMV) soared 25% as an Australian property giant, REA Group (REA), mulls a takeover bid. Currently the market leader in online property listings, Rightmove’s market cap reached £5.4 billion on the FTSE 100. US real estate group CoStar’s recent acquisition of OnTheMarket also raised competition concerns. Rightmove’s strong financial performance in 2023 included a 71% operating profit margin and a revenue increase to £396 million. REA Group sees potential in combining market positions with Rightmove, offering an attractive opportunity for shareholders. The Australian company, 61% owned by News Corp, has multiple brands worldwide and made previous unsuccessful attempts to expand into the UK.



Read more at Morningstar: Rightmove Shares Leap On Murdoch-Backed Takeover Bid