Britain’s Rightmove rejects $8.1 bln sweetened bid from Australia’s REA Group

Britain’s Rightmove rejects .1 bln sweetened bid from Australia’s REA Group

The Rightmove Plc app on an App Store page on a smartphone arranged in London, UK, on Monday, Sept. 2, 2024.

Bloomberg | Bloomberg | Getty Images

British real estate portal Rightmove on Wednesday rejected a sweetened $8.1 billion takeover proposal from Australian property listing firm REA Group, saying the bid undervalued the company.

“The board considered the increased proposal… and concluded that the increased proposal continues to be unattractive and materially undervalues the company and its future prospects,” Rightmove said in a statement.

The most recent proposal from REA Group, which is 62% owned by Rupert Murdoch’s News Corp, consists of 341 pence in cash and 0.0422 new REA shares, giving Rightmove an implied value of 770 pence per share.

The latest bid came after an initial offer of 705 pence per share, or 5.6 billion pounds, and the second one of 749 pence per share, were rejected by Rightmove.

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