Wed Sep 25 09:14:58 UTC 2024: ## Rightmove Rejects Third Buyout Offer from REA Group, Worth $8.2 Billion
**LONDON -** British property website Rightmove has rejected a third and final takeover bid from Australian competitor REA Group, valued at £6.1 billion ($8.2 billion). This comes after Rightmove’s board deemed the offer, which was deemed “unsolicited,” as “unattractive” and failing to adequately reflect the company’s value.
REA Group, majority-owned by media mogul Rupert Murdoch’s News Corp, has been pursuing Rightmove for several months, seeking to expand its global reach. The latest offer, a 25% increase over the initial bid, was also rejected as inadequate by Rightmove’s board.
Rightmove’s decision highlights the company’s strong confidence in its independent future and its belief in its current trajectory. They remain committed to delivering value for their shareholders and customers.
The rejection of the bid has sent ripples through the real estate market, with analysts speculating on the future of both companies. REA Group’s pursuit of Rightmove could be seen as an indicator of the growing consolidation in the online property market. However, Rightmove’s steadfast refusal suggests a competitive landscape with no shortage of opportunities for independent growth.
First Piper 