Breakingviews - Murdoch’s UK property bid may yet get even sweeter
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 23 2024
0mins
Source: Reuters
Murdoch's Bid for Rightmove: Rupert Murdoch's REA Group has made a third attempt to acquire UK property listing portal Rightmove for £6.1 billion, with the offer representing a 39% premium over its current share price. The bid includes a mix of cash and shares, but Rightmove's board is still evaluating the proposal after previously rejecting two offers.
Market Reactions and Conditions: Rightmove's share price remains below the offer level, indicating skepticism among investors, while REA's shares have declined since the initial bid was announced. The deadline for REA to formalize its offer is September 30, and analysts suggest that REA may need to increase the cash component of the deal to gain approval.
Analyst Views on NWSA
Wall Street analysts forecast NWSA stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for NWSA is 40.33 USD with a low forecast of 38.00 USD and a high forecast of 43.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
3 Analyst Rating
3 Buy
0 Hold
0 Sell
Strong Buy
Current: 26.730
Low
38.00
Averages
40.33
High
43.00
Current: 26.730
Low
38.00
Averages
40.33
High
43.00
About NWSA
News Corporation is a diversified media and information services company. Its Digital Real Estate Services segment consists of the Company’s interest in REA Group and Move. REA Group is a digital media business specializing in property and property-related services on its Websites and mobile apps. Move is a provider of digital real estate services in the United States and primarily operates a real estate information, advertising and services platform, as well as its referral-based services, online tools and services to do-it-yourself landlords and tenants. Its Dow Jones segment consists of Dow Jones, a global provider of news and business information, which distributes its content and data through a variety of media channels. Its Book Publishing segment consists of HarperCollins, a consumer book publisher with operations in 15 countries. Its News Media segment consists of News Corp Australia, News UK and the New York Post and includes The Australian, The Daily Telegraph, among others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
