Rightmove faces takeover speculation after US investor acquires 6% stake

US activist investor Pershing Square Capital Management, led by Bill Ackman, has acquired a 6% stake in the UK property portal Rightmove. The investment, valued at hundreds of millions of pounds, comes amid speculation regarding a potential takeover or significant influence over the company’s strategy.

Rightmove’s share price has experienced significant volatility, dropping from a summer 2025 high of £8.18 to a low of £4.10 in May. This decline was largely driven by market concerns that AI-enabled search engines, such as ChatGPT, could disrupt the company’s dominance in the online property market. However, the perceived threat from AI has not materialized in the short term, leading investors like Sachem Head to suggest the market overreacted and that the shares are currently undervalued.

Reports indicate that Sachem Head has encouraged Rightmove to utilize debt to fund share buybacks to support the stock price. The acquisition of the 6% stake positions Ackman to either profit from a share price recovery or launch a formal takeover bid.