REA Group, the $27 billion real estate giant backed by News Corporation, will list in London if it is successful in acquiring Britain’s largest property portal Rightmove.
But Rightmove, trading at £5.3 billion ($10.4 billion), has rejected REA’s initial $11 billion cash and scrip takeover offer, describing it as “wholly opportunistic”. The bid “fundamentally undervalued Rightmove and its future prospects,” the company said.
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Sam Buckingham-Jones is the media and marketing reporter at The Australian Financial Review. Connect with Sam on Twitter.
