Rupert Murdoch at the annual gathering at Spencer House in St James’s Square, London. Image date: Thursday, June 22, 2023.
Victoria Jones | PA Images | Getty Images
LONDON – Rupert Murdoch’s Australian property company REA Group said on Monday it would no longer seek to acquire British property portal Rightmove after the company rejected a fourth takeover bid.
REA said it maintained a “strict approach” to mergers and acquisitions and that the acquisition of Rightmove was conditional on reaching an agreement at a “fair price”.
REA chief executive Owen Wilson said: “We are disappointed with Rightmove’s limited participation, which hinders our ability to make a firm offer within the timetable available. They have nothing to lose by working with us.”
Meanwhile, Rightmove said in a separate statement on Monday that it had rejected REA Group’s fourth takeover offer on the grounds that it “significantly undervalued Rightmove and its future prospects”.
Rightmove said the offer made on Friday was for 346p in cash and 0.0417 new REA shares, representing a 10p, or 1.3%, increase in value compared to the previous third offer.
Rightmove shares fell 8.4% on Monday afternoon London time.
This is a breaking news story. Please refresh for updates.
