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News Corp. (NASDAQ:NWSA) dropped 5% after Australian real estate listing provider REA Group said it’s evaluating a potential purchase of Rightmove Plc (OTCPK:RTMVY). Rightmove ADRs surged 18% on Tuesday.
REA Group, which is controlled by News Corp. (NWSA), said on Monday in a statement that it’s evaluating a possible cash and share offer for Rightmove, the UK’s biggest property portal by market share. Rightmove has a market value about $6.8 billion
Rightmove (OTCPK:RTMVY) on Monday said in a statement that it hasn’t received an approach from REA about a possible offer for the company. Shares of Rightmove skyrocketed 27% on Monday in London trading after the news of REA interest.
