Exclusive Report - Sources say U.S. activist investor Sachem Head wants Rightmove to consider a sale and is in contact with potential buyers

Stock price reaction updated

Amy-Jo Crowley/Svea Herbst-Bayliss

Reuters London/New York, November 13 - Four sources said activist investor Sachem Head is urging UK online property platform Rightmove (RMV.L) to consider a sale and engage with potential buyers, reigniting speculation about a possible acquisition two years after its board rejected a previous bid (link).

One of the sources said the New York-based hedge fund, founded by Scott Ferguson in 2013, increased its Rightmove stake over the summer and now owns about 9%. According to London Stock Exchange Group (LSEG) data, this would make it the company’s largest shareholder.

Despite the FTSE 100 rising more than 18% over the same period, Rightmove’s share price has sunk over 30% from its August 2025 peak, giving activist investors a possible reason to push for a sale.

Two of the sources said the $7 billion fund has approached Rightmove’s board. Both requested anonymity because the talks are private.

A representative for Sachem Head declined to comment, and Rightmove did not respond to requests for comment. After Reuters’ report was published, Rightmove’s share price soared 7.8%.

Sachem Head is among the most successful activists in the field and usually works behind the scenes with target companies. Prior to this, there had been no media reports about its pressure on Rightmove to consider a sale. Sachem Head has previously pushed hard for some companies’ sales, and Ferguson formerly sat on Delivery Hero’s board—a company that this year agreed to be acquired by Uber UBER.N.

According to two of the sources, the US activist investor sees opportunities for Rightmove to boost its stock price and enhance shareholder returns by leveraging its relatively underleveraged balance sheet.

They added that the fund is strongly urging Rightmove to reassess the benefits of a sale and re-engage with any potential acquirers.

The London-listed online group has faced potential takeover interest before, but the board rejected a raised $8.29 billion bid from Australian company REA REA.AX in 2024 (link).

(To facilitate non-native English speakers, Reuters has automated the translation of its reports into several other languages. As automated translations may be inaccurate or lack needed context, Reuters does not guarantee the accuracy of the automated text, which is provided purely for reader convenience. Reuters accepts no liability for any damage or loss arising from use of the automated translation function.)