The company said its subsidiary REA Group disclosed on September 22, 2024 a further increased non-binding proposal to acquire the entire issued share capital of Rightmove plc, offering 341 pence in cash and 0.0422 new shares per Rightmove share. The company said the proposal implies a total value of 770 pence per share, or about £6.1 billion.

8-KRegulation FD DisclosureFiled Sep 23, 2024Period of report Sep 23, 2024Summary published (UTC) Oct 25, 2026

Key points

AI summary

The company said its subsidiary REA Group disclosed on September 22, 2024 a further increased non-binding proposal to acquire the entire issued share capital of Rightmove plc, offering 341 pence in cash and 0.0422 new shares per Rightmove share. The company said the proposal implies a total value of 770 pence per share, or about £6.1 billion.
The company said it disclosed that REA Group proposed 705 pence per share on September 5, 2024 and 749 pence per share on September 16, and that the Rightmove board rejected the revised proposal on September 18. The company said the further increased proposal is 9.2% higher than the initial proposal.
The company said REA Group's proposal represents a 39% premium to Rightmove's share price of 556 pence on August 30, 2024. It also said the proposal implies an enterprise value multiple of about 22.4x EBITDA for the 12 months ended June 30, 2024, which is £272 million.
The company said the proposal is non-binding and subject to customary conditions, including completion of due diligence. It also said the cash portion is to be funded through long-term third-party debt and existing cash, and that the Rule 2.6(a) deadline is September 30, 2024.

Summary

AI-written

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

REA Group discloses further increased 770 pence proposal for Rightmove

The company said its subsidiary REA Group disclosed on September 22, 2024 a further increased non-binding proposal to acquire the entire issued share capital of Rightmove plc, offering 341 pence in cash and 0.0422 new shares per Rightmove share. The company said the proposal implies a total value of 770 pence per share, or about £6.1 billion.

Source · Based on the filing body and exhibits

Value of earlier two proposals and Rightmove board rejection

The company said it disclosed that REA Group proposed 705 pence per share on September 5, 2024 and 749 pence per share on September 16, and that the Rightmove board rejected the revised proposal on September 18. The company said the further increased proposal is 9.2% higher than the initial proposal.

Source · Based on the filing body and exhibits

Premium and EBITDA multiple of proposal

The company said REA Group's proposal represents a 39% premium to Rightmove's share price of 556 pence on August 30, 2024. It also said the proposal implies an enterprise value multiple of about 22.4x EBITDA for the 12 months ended June 30, 2024, which is £272 million.

Source · Based on the filing body and exhibits

Non-binding conditions, financing and Rule 2.6(a) deadline

The company said the proposal is non-binding and subject to customary conditions, including completion of due diligence. It also said the cash portion is to be funded through long-term third-party debt and existing cash, and that the Rule 2.6(a) deadline is September 30, 2024.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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