REA Group Increases Rightmove Bid to £6.2 Billion

REA Group, a subsidiary of News Corp, has made a fourth offer to acquire Rightmove, valuing the UK online property portal at £6.2 billion, or 781 pence per share. This latest bid comes after three previous offers were rejected by Rightmove's board, which deemed them 'unattractive' and 'fundamentally undervalued'. REA is urging Rightmove's shareholders to advocate for negotiations before the September 30 deadline, highlighting the potential for future growth through a merger. The proposal includes a mix of cash, REA shares, and a special dividend, with an option for shareholders to choose their preferred form of consideration. Despite the escalating offers, Rightmove has shown no substantive engagement with REA, which has expressed disappointment at the lack of dialogue. Under UK takeover rules, REA must either make a firm offer or withdraw by the deadline, with an extension possible if both parties agree.