REA does not know how its bid for Rightmove leaked, chair Hamish McLennan says
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The news: REA Group chair Hamish McLennan has told investors at its annual general meeting that the company still does not know how news of its bid for UK real estate platform Rightmove leaked to the press.
The context: McLennan faced a trio of questions about the News Corp-controlled real estate platform’s approach for Rightmove, which saw REA lob four rejected offers before moving on.
The disclosure came in response to a question from shareholder activist Stephen Mayne, who asked why it took REA's leadership so long to launch its bid and why they did not engage with Rightmove confidentially first.
REA Group finally abandoned its pursuit of Rightmove on 1 October, bookending a near month-long pursuit of its British counterpart as part of a bid to expand into the UK.
What they said: "Well we were very disappointed in the leak, and we don’t know where it came from, but it happened and that was very disappointing,” McLennan said.
“I won’t really talk to the specifics of how we view opportunities around the world, but what has been disclosed is that the … Rightmove share price had gone sideways for quite a few years.
"So, you know, we felt that it was opportune for us to have a look at it, but again, we didn’t get the engagement with the board that we expected. So we’ve moved on.”
The source: REA Group AGM
