Rightmove Rejects Fourth Bid from REA Group

Rupert Murdoch’s REA Group has made a fourth takeover bid for Rightmove Plc, valuing the UK property portal at £6.2 billion, which is 41% above its market price before takeover interest emerged. This latest cash-and-stock offer, including a special dividend, values Rightmove shares at 775 pence each. Despite the significant premium, Rightmove’s board has repeatedly rejected REA’s proposals, citing that they materially undervalue the company and its future prospects. REA has expressed frustration over the lack of substantive engagement from Rightmove and has requested an extension to the Sept. 30 regulatory deadline to make a formal offer. Analysts warn that REA might adopt a more hostile approach if its latest offer is declined. Rightmove is expected to benefit from declining interest rates and government planning reforms, making it an attractive acquisition target.