Expanded afternoon edition — September 20, 2026.
Sachem Head has reportedly built 6% of Rightmove, pressing the case for borrowing to repurchase shares after an AI-related selloff. Parvus reportedly owns 13% of Informa, where possible levers include asset sales and a listing change. Neither fund commented for the report. The Times, September 20
Rightmove requires a judgment about the durability of the existing franchise. AI makes an attractive search interface cheaper; agent relationships, listings density and consumer habit remain harder to assemble. The risk is that discovery shifts elsewhere while the portal retains the expensive part of maintaining the marketplace. Debt-funded repurchases sharpen the consequence of getting that judgment wrong.
Informa offers more ways to release value, but more ambiguity about what has improved. Selling a business or changing a listing can raise the valuation without strengthening operations. The contrast gives two sets of questions for management: how secure are the economics already in place, and which activities actually benefit from living together? The positions make those questions financially consequential; the campaigns’ eventual terms remain to be seen.