What's happened
Rightmove has turned down a £6.2 billion takeover offer from Rupert Murdoch's REA Group, marking the fourth rejection of the Australian firm's proposals. Rightmove's board cited undervaluation as the reason for the rejections, while REA has expressed disappointment over the lack of engagement from Rightmove's leadership.
Why it matters
What the papers say
According to Graeme Wearden in The Guardian, Rightmove's board has unanimously rejected REA's latest offer, stating it 'continues to be unattractive and materially undervalues the company.' REA's CEO, Owen Wilson, expressed disappointment at the lack of engagement from Rightmove, emphasizing the potential benefits of the merger. Meanwhile, analysts have noted that REA's pursuit appears opportunistic given the current market conditions, as highlighted by Nils Pratley in The Guardian.
How we got here
The bidding war began in early September when REA Group first proposed a £5.6 billion offer for Rightmove. Subsequent offers were made, but all were rejected by Rightmove, which maintains that the bids undervalue the company amid a recovering UK property market.
Common question
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What Does REA Group's Latest Bid for Rightmove Mean for the UK Property Market?
REA Group's recent bid to acquire Rightmove has sparked significant interest in the UK property market. With a proposed valuation of £6.1 billion, this move raises questions about the future of property listings and consumer choices. Below, we explore the implications of this acquisition and what it could mean for buyers, sellers, and the overall market landscape.
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Why Did REA Group Increase Its Bid for Rightmove?
On September 23, 2024, REA Group made headlines by raising its bid for Rightmove to £6.1 billion after two previous rejections. This move has sparked interest and concern in the UK property market. Below, we explore the implications of this bid, Rightmove's response, and what it means for investors.
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What Does REA Group's Increased Bid Mean for Rightmove and the UK Property Market?
On September 23, 2024, REA Group raised its bid for Rightmove to £6.1 billion, sparking discussions about the future of the UK property market. This move raises questions about the implications for Rightmove, the reactions from other property portals, and the overall trends in the market. Below, we explore key questions surrounding this significant development.
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Why Did Rightmove Reject REA Group's Latest Bid?
Rightmove has once again turned down a bid from Rupert Murdoch's REA Group, raising questions about the future of both companies and the UK property market. With REA's latest offer of £6.2 billion, many are wondering why Rightmove continues to reject these proposals and what this means for shareholders and the industry as a whole.
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Why Did Rightmove Reject REA Group's £6.2 Billion Bid?
Rightmove has once again turned down a significant takeover bid from REA Group, raising questions about the company's valuation and future. This latest rejection marks the fourth attempt by the Australian firm to acquire Rightmove, which has sparked discussions about the implications for both companies and the broader real estate market. Below, we explore the reasons behind this decision and what it could mean moving forward.
More on these topics
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Rightmove plc is a UK-based company that runs rightmove.co.uk, the UK's largest online real estate portal and property website. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
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Keith Rupert Murdoch, AC, KCSG is an Australian-born American media mogul who founded News Corp. He is the son of Keith Murdoch, one time senior executive of Australia's Herald & Weekly Times publishing company.
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The current incarnation of News Corporation, stylized as News Corp, is an American mass media and publishing company focusing on newspapers and publishing, formed in 2013 as a spin-off of the original News Corporation.
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Lachlan Keith Murdoch is an Australian–British and American businessman and mass media heir. He is the executive chairman of Nova Entertainment, co-chairman of News Corp, executive chairman and CEO of the Fox Corporation, the founder of Australian inves
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The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom or Britain, is a sovereign country located off the northwestern coast of the European mainland.