Murdoch’s REA Group has abandoned its pursuit of UK online property group Rightmove after its fourth takeover proposal was knocked back.
Rupert Murdoch’s REA Group has abandoned its pursuit of Rightmove after its latest £6.2 billion bid was rejected.
“We were disappointed with the limited engagement from Rightmove that impeded our ability to make a firm offer within the timetable available. They had nothing to lose by engaging with us.“We are always financially disciplined when we look at M&A and reinvestment in our business and will continue to focus on the many other opportunities ahead of us.”
It rejected the latest offer from REA after meetings took place between Andrew Fisher, Rightmove’s chairman, and Hamish McLennan, chairman of Murdoch’s group. “As for Rightmove, we wish them well in an increasingly competitive British market – unfortunately, the company’s Board did not make the right move.”
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