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Rightmove says it is confident it can deliver even greater returns for investors, with agents potentially facing higher listing fees as a consequence, after the UK property portal rejected REA Group’s latest takeover offer of £6.2bn.
The REA Group has now opted against making a formal bid for Rightmove after being rebuffed for a fourth time by the London-listed firm.
REA’s decision to end its pursuit, which it blamed on “limited engagement” with the board, led to shares in Rightmove falling by almost 8% on the London Stock Exchange yesterday.
The board of Rightmove concluded that REA’s proposals were “unattractive and materially undervalued” the UK property portal, and as such could not be recommended to shareholders.
The board added that it is confident in Rightmove’s prospects as the UK’s number one property platform, stating:
– Rightmove’s business model has proven itself able to deliver strong outcomes in all operating environments
– A clear strategy in place to deliver long term and profitable growth
– Well positioned to drive innovation and digitisation through the entire property transaction chain, powered by unrivalled market data and insights
– Together with the Core business, Strategic Growth Areas will deliver a higher-growth, more diversified business, and an even stronger platform
– The Board is confident that Rightmove’s experienced and high-quality management team will continue to successfully drive the Group to create significant value for shareholders
Andrew Fisher, chair, commented: “The Board of Rightmove is grateful to all of its shareholders who have engaged and shared views through this process. Rightmove is an amazing business with a very strong team and a clear strategy. We are confident that we will deliver significant future value for shareholders.”
Rightmove rejects £6.2bn takeover offer ahead of deadline
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