REA Group Raises Rightmove Takeover Bid to £6.1 Billion

REA Group has increased its takeover bid for Rightmove to £6.1 billion, representing a 9.2% premium over its previous offer of £5.6 billion, which Rightmove rejected as 'wholly opportunistic'. The new proposal includes 341 pence in cash per share and 0.0422 new REA shares, valuing each Rightmove share at 770 pence. REA CEO Owen Wilson expressed disappointment at the lack of engagement from Rightmove's board and emphasized the potential benefits of combining their digital property expertise. If successful, this acquisition could result in Rightmove shareholders owning 20% of the enlarged company. REA also plans to apply for a dual listing in London, facilitating access for UK investors. Rightmove has stated it will carefully consider the new proposal while continuing to report strong financial results despite market pressures.