REA Group Explores Possible Offer for Rightmove

Australian company REA Group, which is majority-owned by Rupert Murdoch's News Corp, is considering a potential cash and share offer for the UK property portal Rightmove, valued at approximately £4.4 billion. REA's interest stems from similarities in market positions and a vision to create a global digital property company with leading positions in both Australia and the UK. They believe this acquisition could enhance customer value and support Rightmove's mission to improve the property experience for users. While no formal offer has yet been made, REA must declare its intentions by the end of September. Despite the promising outlook, REA's shares fell by 8% following the announcement, while Rightmove shares surged by over 23%. Rightmove, which has faced recent challenges, expects revenue growth of 7 to 9 percent this year, highlighting its ongoing market presence.