Previous offers from REA Group, made earlier in September, valued Rightmove at 705 pence and 749 pence per share but were also rejected.
Potential for a Hostile Bid
REA Group CEO Owen Wilson expressed disappointment at Rightmove’s lack of engagement, hinting that the deal might move toward a hostile takeover. Russ Mould, investment director at AJ Bell, suggested that REA might bypass Rightmove’s board and appeal directly to shareholders.
“This could set the stage for a hostile approach, where REA negotiates directly with shareholders instead of the board,” Mould said, noting that major asset managers, who are Rightmove’s largest investors, may eventually sell if the price is right.
Next Steps
REA Group has until September 30 to make a formal offer or withdraw its bid. The Australian company reiterated that it still considers its offer “a highly compelling proposition” and remains ready to engage with Rightmove’s board.
