Rightmove's board stated that the takeover bid from REA Group was 'wholly opportunistic and fundamentally undervalued' the company's potential future prospects.
Despite a 27% premium offered, Rightmove's board felt the valuation did not reflect the company's leading position and future growth in the real estate sector.
REA Group emphasized they believed their proposal provided a 'certainty of value' and included a significant premium alongside benefits from future growth opportunities.
Following REA's initial interest, Rightmove's share price surged by 25%, indicating investor confidence in the company's current market valuation of £5.3 billion.
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