The Rightmove Plc app on the Smartphone App Store page on Monday, September 2, 2024 in London, UK.
Bloomberg | Bloomberg | Getty Images
British property portal Rightmove on Wednesday rejected an $8.1 billion takeover bid from Australian property-listed REA Group, saying the offer undervalued the company.
Rightmove said in a statement: “The board considered the proposed increase… and concluded that the proposed increase remains unattractive and seriously undervalues the company and its future prospects.”
Rupert Murdoch's News Corp owns 62% of REA Group and its latest proposal includes 341p in cash and 0.0422 new REA shares, giving Rightmove an implied value of 770p per share.
The latest bid comes after an initial offer of 705p per share, or £5.6bn, and a second offer of 749p per share were rejected by Rightmove.