(RTTNews) – Australian digital promoting firm REA Group Ltd (RPGRF, RPGRY) Monday confirmed, responding to press hypothesis, that it’s contemplating a potential money and share supply for British actual property on-line portal Rightmove Plc (RMV.L).
In the meantime, REA mentioned it has not approached, nor had any discussions with, Rightmove concerning any potential supply.
REA requested its shareholders to not take any motion at the moment, noting that there will be no certainty that a proposal will probably be made, nor as to the phrases on which any supply could also be made.
Based on the corporate, its Board believes that there are clear similarities between REA and Rightmove by way of their market positions within the core residential enterprise, continued enlargement and innovation of choices throughout adjoining segments, viewers share and robust model consciousness, in addition to extremely aligned cultural values.
It’s anticipated that the enlarged group would signify a extremely enticing funding alternative for each REA and Rightmove shareholders, combining strong development with sturdy margins and important money technology, enabling continued capital appreciation and shareholder returns.
The corporate additional mentioned that with an acquisition of Rightmove, REA would look to reinforce the UK property expertise for consumers, sellers and renters, supporting Rightmove’s imaginative and prescient “to offer everybody the assumption they’ll make their transfer”. It’s anticipated to positively contribute to the property market ecosystem with funding and innovation.
REA is required, by no later than September 30, being the twenty eighth day following the date of this announcement, to both announce a agency intention to make a proposal for Rightmove or announce that it doesn’t intend to make a proposal.
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially replicate these of Nasdaq, Inc.
