Yahoo Finance Rightmove Working With UBS, Morgan Stanley After REA Interest
(Bloomberg) -- Rightmove Plc, the UK’s biggest property portal by market share, is working with UBS Group AG and Morgan Stanley on its response to unsolicited takeover interest from Australia’s REA Group Ltd., people with knowledge of the matter said.
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Rightmove is speaking to the banks about its next steps after REA Group, part of Rupert Murdoch’s sprawling empire, said it’s considering a possible cash and stock offer for the London-listed company, according to the people. The British firm said Monday it hasn’t received an approach yet from REA and told shareholders to take no action, without naming its advisers.
REA earlier disclosed that it’s working with Deutsche Bank AG. The German lender traditionally serves as Rightmove’s corporate broker, but is now conflicted.
Shares of Rightmove soared 27% on Monday in London, the biggest daily gain on record, boosting its market value to £5.6 billion ($7.3 billion). REA fell 5.3% in Sydney, the most since December 2022, giving it a market value of A$27.4 billion ($18.6 billion).
Representatives for Rightmove, UBS and Morgan Stanley declined to comment. Under the UK takeover code, REA has until 5 p.m. on Sept. 30 to announce a firm intention on whether to make a bid.
“A combination of the two businesses would provide a significant opportunity to unlock shareholder value,” REA said in a statement after media speculation about its plans to make an acquisition abroad.
While Rightmove enjoys the largest market share in the UK property portal market, rival OnTheMarket Plc recently launched an expansion drive after being acquired by US real estate firm CoStar Group Inc.
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