The shares of Rightmove, which is listed in London, surged by 24 per cent to 6.89 pounds, reaching their highest level since March 2022. The stock became the top percentage gainer on the FTSE 100 index. Rightmove chose not to provide any comment on the situation.

As of the close of trading on Friday, Rightmove, the largest property portal in Britain, had a market value of $5.73 billion. The company generates revenue from listing real estate agents on its platform.

Analysts at Investec, in a note, concurred with REA?s view that the proposed offer and the potential expanded group represent a highly attractive investment opportunity, given the current easing interest rate environment in the UK and the positive returns from recent new investments. Shares of REA, in which News Corp, controlled by the Murdoch family, holds a stake of over 61 per cent, ended the day 5.3 per cent lower at A$207.4, making it one of the biggest losers on the benchmark.

Should the acquisition proceed, it would be the largest deal of its kind this year involving an Australian company acquiring an overseas firm, according to data from LSEG. Additionally, it would rank among the largest deals for a UK-listed company this year.

REA indicated that it is considering making a potential cash and share offer for Rightmove but stated that it had not yet approached or engaged in discussions with Rightmove.