Wed Sep 25 08:51:22 UTC 2024: ## Rightmove Rejects REA Group’s Takeover Offer
**LONDON** – Online property portal Rightmove plc (LON:RMV) has rejected a revised takeover offer from REA Group, a company majority-owned by Rupert Murdoch’s News Corporation. The Board of Directors unanimously deemed the offer “unattractive” and significantly undervalued the company.
The increased proposal, submitted on September 22, offered Rightmove shareholders 341 pence in cash and 0.0422 new REA shares for each Rightmove share. This valued Rightmove’s shares at approximately 759 pence based on REA’s share price on September 24.
However, concerns about the true value of the offer arose due to a 12% drop in REA’s stock since August 30, 2024. Rightmove’s Board concluded that the offer did not reflect the company’s intrinsic value and therefore decided to reject it.
First Piper 