REA Ends Bid for Rightmove After Rejection

Rupert Murdoch's REA Group has abandoned its takeover attempt of the UK property portal Rightmove after its £6.2 billion final bid was rejected. Rightmove's board found the proposal unattractive and claimed it undervalued the company's future prospects, leading to a 7-8% drop in Rightmove's shares. Despite multiple offers and attempts to engage in discussions, REA criticized the limited engagement from Rightmove, which impeded their ability to make a firm offer before the Monday deadline. REA's CEO Owen Wilson expressed disappointment but reaffirmed the company's commitment to other growth opportunities. This decision marks the end of a month-long pursuit by REA to acquire Rightmove.