Sachem Head Builds 9% Rightmove Stake, Pushes Sale
By @sharedot · · 6 pages
- Stock Market
- Rightmove
- Sachem Head
- Activist Investor
- M A
Activist fund Sachem Head has built a roughly 9% stake in Rightmove and is pressing the board to consider a sale, two years after rejecting REA's bid.
What happened: an activist stake surfaces
The $7 billion fund built its roughly 9% stake over the summer, which according to LSEG data would make it the company's largest shareholder. The fund is pressing Rightmove hard to review the benefits of a sale and re-engage with any interested acquirers, the sources said.
Rightmove shares jumped 7.8% after the Reuters report, and Sachem Head declined to comment while Rightmove has not responded to a request for comment.
Why the pressure, and why now
According to Euronext's republication of the Reuters exclusive, Rightmove's shares have dropped more than 30% from their August 2025 peak even as London's FTSE 100 has gained over 18% in the same period — a performance gap that gives activists a ready argument for change.
Sachem Head believes there are ways for Rightmove to boost its share price and increase shareholder returns by using its under-leveraged balance sheet, two sources told Reuters.
The fund tends to work with target companies out of the limelight, and its pressure on Rightmove to consider a sale had not previously been reported. The people spoke on condition of anonymity because the talks are private.
A takeover sequel two years in the making
The stakes are high because this is a replay: a possible takeover of the London-listed group failed in 2024 when Rightmove's board rejected Australian company REA's sweetened $8.29 billion offer.
Sachem Head's track record adds weight — per Euronext's report, founder Scott Ferguson held a board seat at Delivery Hero, which agreed to be acquired by Uber this year, and the fund has previously pushed for sales at target companies.
TradingView is carrying the same Reuters story, giving the development broad visibility among market watchers. Whether the board reopens talks with past or new bidders now becomes the central question.
What comes next
Watch for any board response after Rightmove's non-response to the report, and for whether other shareholders line up behind Sachem Head's push.
The immediate market reaction — a 7.8% share-price jump on the news per Euronext's report — shows investors are pricing in at least the possibility of renewed takeover interest.
Traders should also note the contrast with a market that has punished the stock while rewarding the wider FTSE 100, a gap activists love to exploit.