Exclusive-US Activist Sachem Head wants Rightmove to consider sale, talk with potential buyers, sources say

By Amy-Jo Crowley and Svea Herbst-Bayliss

LONDON/NEW YORK, Nov 13 (Reuters) - Activist investor Sachem Head is pressing UK online property listing company Rightmove to consider a sale and talk with interested buyers, four people familiar with the matter said, fanning speculation of a possible takeover two years after the company's board rejected a bidder.  

The New York-based hedge fund founded by Scott Ferguson in 2013 built a stake in Rightmove over the summer and now owns a roughly 9% stake, one of the people said. That would make it the company's largest shareholder, according to LSEG data.

Rightmove's shares have dropped more than 30% from their peak in August 2025 even as London's FTSE 100 index has gained over 18% during that time, giving activist investors a possible reason to press for a sale.

The $7 billion fund has engaged with Rightmove's board, said two of the people, who spoke on condition of anonymity because the talks are private.

A representative for Sachem Head declined to comment and Rightmove has not responded to a request for comment. Rightmove shares jumped 7.8% after the Reuters report. 

Sachem Head, one of the industry's most successful activist investors, tends to work with target companies out of the limelight and its pressure on Rightmove to consider a sale has not been reported. Previously Sachem Head has been active in pushing for sales at certain companies and Ferguson held a board seat at Delivery Hero which agreed to be acquired by Uber this year.

The US activist believes there are ways for Rightmove to boost its share price and increase shareholder returns by using its under-leveraged balance sheet, two of the people said.

It is pressing Rightmove hard to review the benefits of a sale and re-engage with any interested acquirers, they added.

A possible takeover of the London-listed online group failed when the board rejected Australian company REA's sweetened $8.29 billion offer in 2024.

(Reporting by Amy-Jo Crowley in London and Svea Herbst-Bayliss in New York; Editing by Anousha Sakoui and Susan Fenton)