Real Estate
Rightmove Working With UBS, Morgan Stanley After REA Interest
- Murdoch’s REA is considering possible cash and stock offer
- Rightmove shares soar 27% to boost market value to $7 billion
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Rightmove Plc, the UK’s biggest property portal by market share, is working with UBS Group AG and Morgan Stanley on its response to unsolicited takeover interest from Australia’s REA Group Ltd., people with knowledge of the matter said.
Rightmove is speaking to the banks about its next steps after REA Group, part of Rupert Murdoch’s sprawling empire, said it’s considering a possible cash and stock offer for the London-listed company, according to the people. The British firm said Monday it hasn’t received an approach yet from REA and told shareholders to take no action, without naming its advisers.