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US Activist Sachem Head wants Rightmove to consider sale, talk with potential buyers: Reuters
The hedge fund owns about 9% and says Rightmove can lift returns by using its under-leveraged balance sheet.
- Activist investor Sachem Head is pressing London-listed property firm Rightmove to consider a sale and engage with potential buyers, according to four people familiar with the matter.
- Rightmove's shares have dropped more than 30% from their peak while London's FTSE 100 index gained over 18%, prompting the New York-based hedge fund to build a roughly 9% stake.
- The $7 billion fund has engaged with Rightmove's board, arguing that utilizing an under-leveraged balance sheet could boost share prices and shareholder returns.
- Rightmove shares jumped 7.8% following the report, renewing takeover speculation two years after the company rejected an $8.29 billion offer from Australian company REA.
- Sachem Head, founded by Scott Ferguson, has previously pushed for sales at Delivery Hero, which agreed to be acquired by Uber this year, establishing the fund's track record.
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EXCLUSIVE: US Activist Sachem Head wants Rightmove to consider sale, talk with potential buyers, sources say
Activist investor Sachem Head is pressing UK online property listing company Rightmove to consider a sale and talk with interested buyers, four people familiar with the matter said, fanning speculation of a possible takeover two years after the company's board rejected a bidder.
·London, United Kingdom
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Total News Sources3
Leaning Left0Leaning Right0Center2Last UpdatedBias Distribution100% Center
Bias Distribution
- 100% of the sources are Center
100% Center
C 100%
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