REA Group (REA.AX) disclosed on 27 September 2024, that it submitted a fourth non-binding indicative proposal to the Board of Rightmove plc (RMV.L) concerning a potential offer involving both cash and shares for the entire issued and to be issued share capital of Rightmove. According to the terms of this Fourth Proposal, Rightmove shareholders would receive the following for each Rightmove share: 346 pence in cash, 0.0417 new REA shares, and a special dividend of 6 pence in cash in replacement of any final dividend for the year concluding on 31 December 2024. The Fourth Proposal suggests a total offer value of 781 pence for each Rightmove share, thereby valuing Rightmove's entire issued and to be issued ordinary share capital at approximately 6.2 billion pounds. Following the completion of the proposal, Rightmove shareholders would hold approximately 20 percent of the combined group's issued share capital.
Owen Wilson, CEO of REA, commented, “We have further enhanced our offer and are announcing today our intention to include a mix and match facility for shareholders who prefer a greater proportion of their consideration in REA shares. We believe it is in the best interests of Rightmove shareholders for the Rightmove Board to engage with us and extend the 30 September 2024 deadline.”
