Rightmove rejects sweetened takeover bid for REA By Investing.com Group

investing.com — Movement to the right plc (LON: ) on Wednesday rejected a revised takeover offer from REA Group. The online property portal’s board announced its unanimous decision to reject the unsolicited, non-binding proposal, calling it “unattractive” and materially undervaluing the company.

The increased proposal from REA, which is majority owned by Mr. Murdoch’s News Corporation, which filed on September 22, gave shareholders 341 pence in cash and 0.0422 new REA shares for each Rightmove share.

That package valued Rightmove shares at around 759 pence, based on REA’s share price on September 24.

However, this offer came against the backdrop of a roughly 12% drop in REA shares since August 30, 2024, raising concerns about the true value of the proposal.