Rightmove shares jump 25% after Australia’s Rea Group, majority-owned by Murdoch’s News corp, considers a bid
Despite Rightmove surging by over 20%, London’s blue-chip stock index is slightly lower this morning.
The FTSE 100 has dropped by 11 points, or 0.13%, to 8366.
Given cheap valuations on a historical basis as well as in comparison to many developed markets elsewhere, the UK has inevitably become something of a hunting ground.
The latest potential target in the premier index is Rightmove, after comments from Australia’s REA Group that it was considering making an offer having identified a “transformational opportunity” in combining the two online property websites. After a delayed start to enable price equilibrium, Rightmove shares opened up by around 24% as investors await further details of a concrete bid.
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