Closing post
As the dust settles on REA’s attempt to buy Rightmove, here’s our story on today’s drama:
And here’s the rest of today’s business news so far:
REA Group has bowed out of the battle for Rightmove after a “largely opportunistic” approach, says Bloomberg Intelligence analyst Tom Ward:
“REA’s withdrawn bid for Rightmove — likely reflecting the financial constraints preventing it being raised further after four nonbinding offers were rebuffed — doesn’t make the latter’s standalone-profit prospects any less solid.
REA’s approach always appeared largely opportunistic, given Rightmove’s suppressed valuation vs. its historical average and that of peers, as well as skepticism around potential synergies.”
