Murdoch-backed REA sweetens bid for UK’s Rightmove to nearly $7.9bn, reports FT By Reuters

(Reuters) – REA Group, majority owned by Rupert Murdoch’s News Corp (NASDAQ: ), has sweetened its takeover offer for British real estate portal Rightmove (OTC: ) to about 5.9 billion pounds (7.86 billion dollars), the Financial Times reported. Friday.

The Australian company is now offering 750 pence per Rightmove share, up from its initial offer of 705 pence, according to the report.

This comes after Rightmove rejected a $7.32 billion takeover offer on September 11, deeming it an undervaluation of the company’s prospects.

REA is now offering 750 pence per Rightmove share, the report said, up from its original offer of 705 pence a piece.

A potential takeover by REA could boost the company’s growth in lucrative international markets, according to analysts, as the UK property market is thought to be three times that of Australia.

Shares of REA rose 0.5 percent to $198.99 on Friday. Under UK takeover rules, REA has until the end of September to make a formal offer or leave.

REA and Rightmove did not immediately respond to a Reuters request for comment.

($1 = £0.7509)