When one bid arrives, stock markets invariably hope and often bet that another will follow and so it has proved with Rightmove, the property market portal that now finds itself in the shop window rather than the houses its estate agency clients are seeking to shift.
The revelation of a possible bid for Rightmove from Rea Group, the Australian property powerhouse, prompted a flurry of “buy” orders from City traders desperate not to miss out. As the new week got under way, shares in Rightmove leapt by more than quarter to 708p, valuing the business at £5.6 billion.
Not surprisingly, the suggestion of a takeover was the talk of the City. Sean Kealy, an analyst at Panmure Liberum, said Rightmove’s investors should expect a premium