UK's biggest online property site faces takeover move by Australia's REA Group
Rightmove, which charges estate agents to list properties on its site, enjoys about 80 per cent of the UK online market but confirmed it was working with Deutsche Bank on a possible deal. REA now has until the end of September to formally make an offer or walk away under UK takeover rules. Rightmove has declined to comment.
“The REA board believes that there are clear similarities between REA and Rightmove in terms of their leading market positions in the core residential business, continued expansion and innovation of offerings across adjacent segments, leading audience share and strong brand awareness, as well as highly aligned cultural values.”
Richard Hunter, at interactive investor, said the bid from the Australian company is a further sign the UK market has become a “hunting ground”. “Given cheap valuations on a historical basis as well as in comparison to many developed markets elsewhere, the UK has inevitably become a hunting ground,” he said.
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