Rightmove Rejects Third Bid from REA Group

UK property portal Rightmove has rejected a third, increased takeover bid from Australia's REA Group, valuing the company at £6.1 billion. Rightmove's board deemed the improved offer, which included 341 pence in cash and 0.0422 new REA shares per share, as still materially undervaluing the company and its future prospects. REA, majority-owned by Rupert Murdoch’s News Corp, expressed disappointment and frustration over the lack of engagement from Rightmove. This rejection follows earlier bids of 705 pence and 749 pence per share, which were also considered inadequate. The UK property market remains a primary target for REA as it seeks to expand its international presence.