Rightmove, the UK's largest online property portal, has rejected a third offer from Rupert Murdoch's REA Group, calling the £6.1bn cash-and-shares proposal 'unattractive' and undervaluing the company.
Rightmove has rejected a third bid from Rupert Murdoch ’s REA Group and said the offer was “unattractive” and undervalues the UK’s largest online property portal.confirmed that its board had “unanimously rejected” the non-binding cash-and-shares offer put forward on Monday, which valued the company at £6.1bn.
It now has until 30 September to make a revised offer, or be blocked from any further offers after that date. Rightmove and Zoopla, the second-biggest company in the sector, are now facing stiffer competition after the US property company CoStar bought OnThe Market
Property Acquisition Rightmove REA Group Rupert Murdoch
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rupert Murdoch-owned firm REA Group weighs up bid for RightmoveUK property portal’s shares surge up to 25% in early trading amid interest from Australian property company
Read more »
Rupert Murdoch-owned firm REA makes £5.6bn offer for RightmoveBoard rejects non-binding indicative proposal of 705p a share for UK’s biggest online real-estate portal
Read more »
Rupert Murdoch’s REA group ups offer for Rightmove to £5.9bnAbout £300m added to deal for UK’s biggest online real-estate portal after first proposal unanimously rejected
Read more »
Rupert Murdoch’s REA raises Rightmove bid to £6.1bnGroup makes third offer for property portal, saying it is ‘disappointed’ at lack of engagement by board
Read more »
REA ASX: REA’s interest in British realty giant Rightmove met with scepticismBut shares in the London-listed target soared 2 per cent overnight on confirmation that the News Corp-controlled group was considering making a takeover bid.
Read more »
Real estate: will the Rightmove ‘fortress’ fall to REA’s siege?Rightmove so dominates the UK market that its own CEO calls it ‘unassailable’. REA is hoping to seize the keys to the castle, but without tarnishing the prize.
Read more »