Response to Rule 2.8 announcement from REA
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
FOR IMMEDIATE RELEASE
30 September 2024
Response to Rule 2.8 announcement from REA
The Board of Rightmove plc ("Rightmove" or the "Company") notes the announcement from REA Group Ltd ("REA") confirming that it does not intend to make a firm offer for Rightmove. As a result, REA is bound by the restrictions set out in Rule 2.8 of the City Code on Takeovers and Mergers.
Through this process, the Board concluded that REA's proposals were unattractive and materially undervalued Rightmove, and as such could not be recommended to shareholders.
The Board is confident in Rightmove's prospects as the UK's No. 1 property platform:
- Rightmove's business model has proven itself able to deliver strong outcomes in all operating environments
- A clear strategy in place to deliver long term and profitable growth
- Well positioned to drive innovation and digitisation through the entire property transaction chain, powered by unrivalled market data and insights
- Together with the Core1 business, Strategic Growth Areas2 will deliver a higher-growth, more diversified business, and an even stronger platform
- The Board is confident that Rightmove's experienced and high-quality management team will continue to successfully drive the Group to create significant value for shareholders
Andrew Fisher, Chair, commented: "The Board of Rightmove is grateful to all of its shareholders who have engaged and shared views through this process. Rightmove is an amazing business with a very strong team and a clear strategy. We are confident that we will deliver significant future value for shareholders."
Enquiries:
| Rightmove Investor Relations
| |
| Sodali & Co (Financial Communications) Elly Williamson Rob Greening Jane Glover | +44 207 250 1446 / rightmove@sodali.com
|
Notes:
1. Estate Agency and New Homes
2. Commercial Property, Rental Services and Mortgages
About Rightmove
- Rightmove has the UK's largest selection of properties for sale and to rent, adds more listings than anyone else, and over 80% of all time spent on property portals is on Rightmove.
- Rightmove's vision is to give everyone the belief that they can make their move by giving people the best place to turn and return to for access to tools and expertise to make it happen.
- People can search Rightmove for residential resale, new homes, rentals, commercial property and overseas properties and use tools and information including getting a Mortgage in Principle, checking local sold prices, property valuations, market trends, maps and schools.
- Customers include the following key groups: estate agents, lettings agents, new homes developers, rental operators, commercial property operators and overseas property agents.
- Using the UK's largest housing datasets, we issue a number of regular reports to track housing market indicators: our monthly House Price Index (established 2002), our quarterly Rental Trends Tracker (established 2015), and a weekly Mortgage Rates Tracker (established 2023). Historical data is available on request.
- Founded in 2000, Rightmove listed on the London Stock Exchange in 2006 and is a member of the FTSE 100 index.
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