Britain’s Rightmove to ‘carefully consider’ REA’s $12b takeover bid
News Corp’s real estate platform increased its offer to almost $12 billion, but it was swiftly rejected by the board of the UK’s biggest property portal.
Rightmove shareholders say News Corporation-backed REA Group must make a higher offer if it wants to buy Britain’s largest property portal despite a $12 billion bid that could water down the Murdoch family media empire’s stake to less than 50 per cent.
REA, which owns realestate.com.au, disclosed on Monday that it had made a third bid for Rightmove – offering £6.1 billion ($11.9 billion), or £7.70 a share – while criticising the London-listed company and its board for a “lack of engagement”.
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