Australian Property Advertiser REA Mulls Offer for U.K.'s Rightmove

By Stuart Condie

SYDNEY--Australian real-estate advertiser REA Group said it is considering a cash-and-share offer for U.K. counterpart Rightmove, citing what it called a transformational opportunity.

REA on Monday said that it saw a significant opportunity to create shareholder value by combining the two advertisers, highlighting potential for strong margins, significant cash generation, and shareholder returns. It did not give any financial details.

"REA sees a transformational opportunity to apply its globally leading capabilities and expertise to enhance customer and consumer value across the combined portfolio," REA said in a market filing.

REA said it had yet to speak with U.K.-listed Rightmove over any offer and that it was not certain of making an offer within the 28-day deadline specified by the U.K.'s takeover code.

REA is 61% owned by News Corp., which owns Dow Jones & Co., the publisher of this newswire and The Wall Street Journal.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

September 01, 2024 21:03 ET (01:03 GMT)

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