Rightmove Rejects £5.6 Billion Takeover Offer from Rupert Murdoch's REA Group

REA's bid deemed 'wholly opportunistic' and undervaluing the UK property portal, with a firm offer deadline set for September 30.

Rightmove's board unanimously rejected the cash-and-share proposal from REA Group, majority-owned by Murdoch's News Corp.
REA offered 705 pence per Rightmove share, a 27% premium on the company's valuation but seen as insufficient.
REA plans to list on the London Stock Exchange to directly compete with Rightmove following the rejection.
Rightmove shareholders would have owned 18.6% of the merged entity under the proposed deal.
REA has until September 30 to make a firm offer or walk away, according to UK takeover rules.