London | British online property portal Rightmove has knocked back REA Group’s third takeover bid, ratcheting up pressure on the Murdoch-owned suitor as a September 30 deadline looms.
REA had on Monday upped its cash-and-shares bid to £7.70 per Rightmove share, a more than 9 per cent jump on its initial offer, valuing the British behemoth at £6.1 billion ($11.9 billion). In response, Rightmove had for the first time not rejected the bid out of hand, saying it would “carefully consider” the proposal.
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Hans van Leeuwen covers British and European politics, economics and business from London. He has worked as a reporter, editor and policy adviser in Sydney, Canberra, Hanoi and London. Connect with Hans on Twitter. Email Hans at hans.vanleeuwen@afr.com
