A hostile takeover bid for Rightmove has emerged this morning after Portal's board unanimously rejected REA Group's latest offer for its business.
Rightmove said the new offer proposed on Friday remains “unattractive and continues to significantly undervalue (Portal) and its prospects, and that (the company's) board of directors has decided to share the 'latest proposal' with shareholders.” I cannot recommend it.” 
The board also rejected REA Group's request for more time to propose further proposals. That means the Australian portal giant has no choice but to exit, submit a better offer before the end of the day, or stage a hostile takeover. It is much more difficult, expensive and time consuming.
Rightmove further added: “Since the start of the offer period on September 2, 2024, the Rightmove Board of Directors, together with its financial and legal advisors, has carefully considered the terms of each proposal submitted by REA.
“The Board's deliberations have considered, among other things, the implied value proposition of these proposals to Rightmove shareholders and the proposed combination of cash and REA shares.
“(Our) assessment of each proposal centers on a comparison of the implicit value of the proposal with Rightmove's own view of its standalone value and future prospects.
“[We]also consulted and took into account the views expressed from across our shareholder base.
“Throughout this process, the Board of Directors has remained focused on the best interests of our shareholders as a whole, with the aim of following a course of action that we determine will promote Rightmove’s success and maximize shareholder value over the medium to long term. “semester.
not attractive
“The Board unanimously concludes that the latest proposal is unattractive and significantly undervalues Rightmove, and also concludes that the latest proposal is unattractive and significantly undervalues Rightmove, with multiple paths for long-term value creation developed. “We concluded that the interests of our shareholders would be better served by implementing an independent strategic plan,” he said at Capital Markets Day in November 2023.
In response to criticism from REA Group in recent days that REA Group has not responded to its proposals, the Board added: The most recent practice was in June.
“Rightmove has responded to every call made by REA since its interest in REA was first made public and considers a series of unilateral approaches made against UK listed companies. In this case, the potential offeror has adopted an incremental and iterative approach to price discovery. ”
respect
Andrew Fisher (main image), Chairman of Rightmove, added: “We respect REA and the success they have achieved in the domestic market, but we remain confident in Rightmove’s standalone future. Rightmove has been a leading UK carrier for over 20 years. has differentiated its market presence, branding and technology, providing significant opportunities for future growth.
“The last few weeks have been very turbulent and have made my colleagues anxious. “We hope to bring certainty to this process, as long as the REA wishes to submit further proposals, so that we can bring certainty to this process at 5pm today. We urge you to submit your best and final proposal ahead of the PUSU deadline.
“Our world-class team is executing on our strategic plan and continuing to drive innovation, accelerate growth and deliver attractive shareholder value.”
Photo credit. Loughbra University.
