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BREAKING:

FEDERAL RESERVE CUTS INTEREST RATES BY 50 BASIS POINTS

Summary of Economic Projections shows most Fed officials expect 100 bps of cuts in total this year

REA Group makes initial takeover offer for UK property giant Rightmove, Bloomberg News reports

Reuters
·1 min read
FILE PHOTO: Illustration shows Rightmove logo

(Reuters) - Rupert Murdoch-owned property listings firm REA Group has made an initial takeover offer for Britain's Rightmove, Bloomberg News reported on Tuesday citing people familiar with the matter.

News Corp-backed REA Group had last week announced its interest in buying Rightmove to create a global real estate company. The current market capitalization of Rightmove is about $6.92 billion, making it Britain's largest property portal.

REA has submitted an initial proposal valuing Rightmove at around 700 pence per share, according to the report. The offer would represent a premium of 26% from the closing price on Aug. 30.

Discussions are ongoing and there is no certainty a deal will result, the report added.

Rightmove declined to comment, while REA did not immediately respond to a Reuters request for comment.

REA now has until Sept. 30 to make a formal offer for Rightmove, under the UK's takeover rules.

(Reporting by Adwitiya Srivastava in Bengaluru; Additional reporting by Aaditya Govind Rao; Editing by Krishna Chandra Eluri)