Rightmove dismissed REA Group's £5.6 billion takeover bid as "wholly opportunistic and fundamentally undervalued," highlighting the company's confidence in its future prospects.
Industry analysts believe REA Group saw potential in Rightmove due to anticipated interest rate cuts in the UK, which would ease mortgage costs for homebuyers.
Susannah Streeter from Hargreaves Lansdown pointed out that REA Group's bid was not surprising given its aim for a dominant market position in the UK property sector.
REA Group stated that a successful acquisition of Rightmove would enable a secondary listing on the London Stock Exchange, providing broader investment access.
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