REG-Rightmove Plc: Response to Rule 2.8 announcement from REA

RightmoveAnnouncement

30/09/2024 13:45

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FOR IMMEDIATE RELEASE

 

30 September 2024

 

Response to Rule 2.8 announcement from REA

 

The Board of Rightmove plc ("Rightmove" or the "Company") notes the
announcement from REA Group Ltd ("REA") confirming that it does not intend to
make a firm offer for Rightmove. As a result, REA is bound by the restrictions
set out in Rule 2.8 of the City Code on Takeovers and Mergers.

 

Through this process, the Board concluded that REA's proposals were
unattractive and materially undervalued Rightmove, and as such could not be
recommended to shareholders.

 

The Board is confident in Rightmove's prospects as the UK's No. 1 property
platform:

-          Rightmove's business model has proven itself able to
deliver strong outcomes in all operating environments

-          A clear strategy in place to deliver long term and
profitable growth

-          Well positioned to drive innovation and digitisation
through the entire property transaction chain, powered by unrivalled market
data and insights

-          Together with the Core1 business, Strategic Growth Areas2
will deliver a higher-growth, more diversified business, and an even stronger
platform

-          The Board is confident that Rightmove's experienced and
high-quality management team will continue to successfully drive the Group to
create significant value for shareholders

 

Andrew Fisher, Chair, commented: "The Board of Rightmove is grateful to all of
its shareholders who have engaged and shared views through this process.
Rightmove is an amazing business with a very strong team and a clear strategy.
We are confident that we will deliver significant future value for
shareholders."

 

Enquiries:

 

 Rightmove Investor Relations                                                      Investor.Relations@rightmove.co.uk       
 Sodali & Co (Financial Communications)  Elly Williamson Rob Greening Jane Glover  +44 207 250 1446 / rightmove@sodali.com  

 

Notes:

1. Estate Agency and New Homes

2. Commercial Property, Rental Services and Mortgages

 

About Rightmove

 
* Rightmove has the UK's largest selection of properties for sale and to rent,
adds more listings than anyone else, and over 80% of all time spent on
property portals is on Rightmove.
* Rightmove's vision is to give everyone the belief that they can make their
move by giving people the best place to turn and return to for access to tools
and expertise to make it happen.
* People can search Rightmove for residential resale, new homes, rentals,
commercial property and overseas properties and use tools and information
including getting a Mortgage in Principle, checking local sold prices,
property valuations, market trends, maps and schools.
* Customers include the following key groups: estate agents, lettings agents,
new homes developers, rental operators, commercial property operators and
overseas property agents.
* Using the UK's largest housing datasets, we issue a number of regular
reports to track housing market indicators: our monthly House Price Index
(established 2002), our quarterly Rental Trends Tracker (established 2015),
and a weekly Mortgage Rates Tracker (established 2023). Historical data is
available on request.
* Founded in 2000, Rightmove listed on the London Stock Exchange in 2006 and
is a member of the FTSE 100 index.
 



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