Australian digital advertising company REA Group Ltd (RPGRF, RPGRY) Monday confirmed, responding to press speculation, that it is considering a possible cash and share offer for British real estate online portal Rightmove Plc (RMV.L).
Meanwhile, REA said it has not approached, nor had any discussions with, Rightmove regarding any potential offer.
REA asked its shareholders not to take any action at this time, noting that there can be no certainty that an offer will be made, nor as to the terms on which any offer may be made.
According to the company, its Board believes that there are clear similarities between REA and Rightmove in terms of their market positions in the core residential business, continued expansion and innovation of offerings across adjacent segments, audience share and strong brand awareness, as well as highly aligned cultural values.
It is expected that the enlarged group would represent a highly attractive investment opportunity for both REA and Rightmove shareholders, combining robust growth with strong margins and significant cash generation, enabling continued capital appreciation and shareholder returns.
The company further said that with an acquisition of Rightmove, REA would look to enhance the UK property experience for buyers, sellers and renters, supporting Rightmove's vision "to give everyone the belief they can make their move". It is expected to positively contribute to the property market ecosystem with investment and innovation.
REA is required, by no later than September 30, being the 28th day following the date of this announcement, to either announce a firm intention to make an offer for Rightmove or announce that it does not intend to make an offer.
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