Rupert Murdoch's REA Group is considering a takeover offer for U.K. property portal Rightmove to create a global digital real estate business, highlighting industry consolidation.
The REA Group, which is contemplating a cash and share offer for Rightmove, noted the acquisition as a 'transformational opportunity' highlighting the shared values and market presence of both firms.
Shares of Rightmove surged by 25% following the acquisition announcement, affirming investor confidence in the proposed deal's potential to reshape the digital real estate landscape.
With a market valuation of $5.7 billion, the stakes are high for the REA Group as it navigates UK takeover laws, having until the end of September to formalize its offer.
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