CANBERA (dpa-AFX) - REA Group (REA.AX) announced that, on 27 September 2024, it has made a fourth non-binding indicative proposal to the Board of Rightmove plc (RMV.L) regarding a possible cash and share offer for the entire issued and to be issued share capital of Rightmove. Under the terms of the Fourth Proposal, shareholders of Rightmove would receive for each Rightmove share: 346 pence in cash and 0.0417 new REA shares; and a special dividend of 6 pence in cash, in lieu of any final dividend for the year ending 31 December 2024. The Fourth Proposal imply a total offer value of 781 pence for each Rightmove share which values Rightmove's entire issued and to be issued ordinary share capital at approximately 6.2 billion pounds. Under the terms of the Fourth Proposal, Rightmove shareholders would hold approximately 20 percent of the combined group's issued share capital following completion.
Owen Wilson, CEO of REA, said: 'We have further improved our offer, and today announce that we intend to include a mix and match facility for shareholders who wish to receive a greater proportion of their consideration in REA shares to do so. We believe it is in the interests of Rightmove shareholders for the Rightmove Board to engage with us and to extend the 30 September 2024 deadline.'
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