Rightmove shares fall after CoStar Group agrees to buy OnTheMarket
Rightmove shares have plummeted after US real estate firm CoStar agreed to buy the British property portal’s smaller rival, OnTheMarket. IGTV financial analyst @AngelineOng explains why Rightmove’s share drop has been so sharp.
(Video Transcript)
Rightmove shares take a plunge
Rightmove shares feeling the pain this session. It shares down some 12%, having a look at the chart here to show you this big red candle there. This coming after the US's CoStar bought UK rival OnTheMarket.
Now, CoStar, for those of you that don't know this company, is a US real estate firm. And by agreeing to buy OnTheMarket, this is Rightmove's smaller domestic rival. It means that it's unlikely that CoStar could now consider buying Rightmove, many analysts say.
Rightmove shares were falling some 12%, but look at OnTheMarket, it is hitting some 50% up there. Let's have a check for you, 52% right now. So, a lot of action out there in the real estate property portal market.
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