Real Estate

Rupert Murdoch’s property group REA ends chase to buy Rightmove after multiple rejected offers

Products You May Like

Rupert Murdoch at his annual party at Spencer House, St James’ Place in London. Picture date: Thursday June 22, 2023.
Victoria Jones | Pa Images | Getty Images

LONDON — Rupert Murdoch’s Australian property firm REA Group said Monday it would no longer seek to buy the U.K.’s Rightmove after the property portal rejected a fourth offer proposal.

REA said it maintains a “disciplined approach” to mergers and acquisitions and that it’s bid for Rightmove was dependent on coming to an agreement at a “fair price.”

“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,” said REA’s CEO Owen Wilson.

Rightmove, meanwhile, said Monday in a separate statement that it rejected REA Group’s fourth offer proposal on the grounds that it “materially undervalued Rightmove and its future prospects.”

The offer, made on Friday, for 346 pence in cash and 0.0417 new REA shares, implied an additional 10 pence in value or 1.3%, when compared to the previous third proposal, according to Rightmove.

Shares of Rightmove were trading 8.4% lower on Monday afternoon London time.

This is a breaking news story. Please refresh for updates.

Products You May Like

Articles You May Like

China set to report retail sales and industrial production data for October
Cathie Wood says her ‘volatile’ ARK Innovation fund shouldn’t be a ‘huge slice of any portfolio’
Young adults are holding off on moving out of their parents’ house — here’s what’s behind the trend
Trump’s DOGE Must Do More Than Make Big Government More Efficient
GM lays off 1,000 employees amid reorganization, cost-cutting

Leave a Reply

Your email address will not be published. Required fields are marked *