Rightmove under pressure as activist investor takes £250m stake

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house-buying portal in recent weeks, becoming Rightmove’s third-biggest shareholder.The investment was made after the company warned its profit growth will slow next year because of investment in AI. That announcement wiped £1bn off Rightmove’s market value.IFP has in the past led activist campaigns against the likes of Japanese brewer Kirin – unsuccessfully pushing it to spin-off its non-beer assets – and is preparing to push for change at cosmetics company Shiseido.The investment group is also one of the largest independent shareholders in Rupert Murdoch’s News Corp and Fox Corp. IFP publicly spoke out against plans for the two to recombine in 2022.Founded in 2009 by a group of former Morgan Stanley employees, IFP has around $22bn (£16bn) in assets under management. It describes its approach as one that focuses on generating “attractive long-term returns” for clients “with a strong capital preservation bias”. IFP declined to comment.IFP’s link to the Murdoch media empire is likely to reignite speculation that Rightmove could be a takeover target. Last year the property website rejected a £6.2bn takeover approach from REA Group, an Australian online property company owned by Mr Murdoch’s News Corp.At the time it rejected the bid, Rightmove argued that it “materially” undervalued the business, pointing to “long-term growth and returns”.But the £4bn company is now reeling from a dramatic slump in share prices, with stocks plunging by just over 30pc in the past six months.Anthony Codling, an analyst at RBC Capital Markets, said: “If nothing changes with the share price, you could understand why [investors] might think [bids would return].”Shares in Rightmove rose 1.8pc following The Telegraph’s report.Rightmove’s grip on Britain’s property market makes it an attractive asset. It is the biggest property listings website in the UK by site traffic and property numbers, garnering more than 80pc of all time spent by consumers on property portals. The FTSE 100 company advertises one million UK homes every month.However, investors have lately become concerned about the potential threat posed by AI. Chatbots could reinvent the way people hunt for houses, allowing people to ask for tailored listings.Rightmove sought to counter the threat by unveiling plans to spend £60m on AI last month, including launching automated valuations, new conversational searches and visualisation tools. 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