Wed Sep 11 09:40:40 UTC 2024: ## Rightmove Rejects Multi-Billion Pound Takeover Bid from Australian Firm REA Group

**London, UK** – UK-based online property portal Rightmove has rejected a £5.6 billion (US$7.3 billion) takeover offer from Australian property website giant REA Group, owned by media mogul Rupert Murdoch’s News Corp. Rightmove deemed the offer “wholly opportunistic” and a fundamental undervaluation of the company.

REA Group, which operates property websites across Australia, Asia and North America, had publicly expressed interest in Rightmove on September 2nd, citing the companies’ shared market leadership in residential property. Analysts suggested that REA was attracted by potential growth in the UK market, driven by anticipated interest rate cuts and the new government’s housing construction plans.

However, Rightmove’s board rejected the offer, stating that it significantly undervalued the company’s future prospects. Susannah Streeter, head of money and markets at Hargreaves Lansdown, commented that the bid was “highly opportunistic” and it was unsurprising that it was rejected.

REA Group’s offer valued Rightmove shares at 705 pence each. In response, Rightmove’s share price rose 0.6% to 675 pence, giving the company a market value of approximately £5.3 billion.

REA Group has indicated that it would seek a secondary listing on the London Stock Exchange if it were successful in acquiring Rightmove, aiming to broaden investor access to the combined entity.

REA Group now has until September 30th to announce a firm intention to make an offer for Rightmove. The outcome of this potential acquisition will be closely watched by industry observers, with implications for the future of online property markets in both the UK and Australia.

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