REA Group said it was 'genuinely disappointed at the lack of engagement' by Rightmove as it upped the amount of money on offer and said it had improved the terms for current shareholders.
An Australian company owned by Rupert Murdoch's News Corp has launched its third attempt to buy UK property website Rightmove. The REA Group of property sites announced on Monday it had upped its offer for Rightmove to £6.1bn. Earlier efforts to acquire the London Stock Exchange-listed Rightmove had been rejected. One offer valued the company at £5.6bn but was rebuffed as undervaluing the business.
Under UK rules governing corporate takeovers, REA had to update the market of a firm intention to bid for Rightmove by 30 September. The latest offer says current Rightmove shareholders would continue to own 20% of the company. Rightmove's share price had another bump and was up 2.7% on the news of the latest bid. It described the latest offer as an 'unsolicited, non-binding and highly conditional proposal'.
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