FX.co ★ REA Group: Rightmove Board Rejects Proposal - Quick Facts

On 5 September 2024, REA Group announced that it had made a non-binding indicative proposal to the Board of Directors of Rightmove plc. This proposal involved a potential cash and share offer for the entire issued and to be issued share capital of Rightmove. However, the Rightmove Board rejected the proposal. The proposed offer valued each Rightmove share at 705 pence, totaling approximately 5.6 billion pounds for Rightmove's entire share capital, both issued and to be issued.

According to the terms of the proposal, upon completion, Rightmove shareholders would own about 18.6 percent of the combined group's issued share capital. Additionally, REA Group intends to pursue a secondary listing of its ordinary shares in London. This would allow for trading of REA ordinary shares on both the London Stock Exchange and the Australian Securities Exchange in a fully fungible manner.