REA Group confirmed that, on 5 September 2024, it made a non-binding indicative proposal to the Board of Directors of Rightmove plc regarding a possible cash and share offer for the entire issued and to be issued share capital of Rightmove. The Rightmove Board rejected the Proposal. The Proposal implied a total offer value of 705 pence for each Rightmove share and valued Rightmove's entire issued and to be issued ordinary share capital at approximately 5.6 billion pounds.
Under the terms of the Proposal, Rightmove shareholders would hold approximately 18.6 percent of the combined group's issued share capital following completion. REA plans to apply for a secondary listing of all of ordinary shares in London, which would enable trading in REA ordinary shares on both the London Stock Exchange and the Australian Securities Exchange in a fully fungible manner.
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