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Rightmove Rejects Third £6.1 Billion Takeover Bid from Rupert Murdoch's REA Group

The UK property portal deems the offer unattractive and undervaluing, pushing back on REA's attempts to engage shareholders.

  • Rightmove's board unanimously rejected the latest £6.1 billion bid from REA Group, calling it unattractive and undervaluing the company.
  • REA Group, majority-owned by Rupert Murdoch's News Corp, expressed frustration over the lack of substantive engagement from Rightmove.
  • The latest bid valued Rightmove at 770 pence per share, but Rightmove noted the value had dropped to 759 pence due to a decline in REA's share price.
  • REA has until September 30 to make a formal offer or walk away, according to UK takeover rules.
  • Rightmove's stock has seen a 20% rally since early September, while REA's shares have tumbled 12% since the initial bid announcement.
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