Rupert Murdoch, honorary chairman of media empire News Corporation.
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London – owned by Rupert Murdoch Rhea Group said on Monday it was considering a takeover bid for UK property portal Move right Committed to creating a global digital real estate business.
The listed Australian real estate company, controlled by Rupert Murdoch’s News Corp., said in a statement statement has told the Australian Securities Exchange it is considering a possible cash and share offer for Rightmove but has not yet held any discussions with the company.
Rightmove’s shares rose 25% in early trading following the announcement. The stock was up 23% as of 10:56 a.m. and topped the FTSE 100 index.
Rightmove has not issued a statement and did not immediately respond to CNBC’s request for comment.
REA Group’s announcement follows reports that it is working with Deutsche Bank on a major overseas acquisition. according to To the Financial Times.
The Melbourne-based company did not say how much it was considering offering Rightmove, but the British platform was valued at 4.34 billion pounds ($5.7 billion) as of Friday’s close.
REA Group said in a statement that it viewed the potential acquisition as a “transformation opportunity,” noting “clear similarities” between the two companies, including strong brand recognition, market share and “highly aligned cultural values.”
Under UK takeover law, REA now has until the end of September to make a formal offer or withdraw after a public expression of interest.
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