Property listings company Rightmove has rejected a third unsolicited takeover proposal from News Corp-owned Australian rival REA Group.
REA’s latest proposal, made on 22 September, valued Rightmove at £6.1bn, comprising 341p in cash and 0.0422 REA shares for each Rightmove share.
Rightmove said today that the proposal “continues to be unattractive and materially undervalues the company and its future prospects”. The board unanimously rejected the approach.
REA has until 5pm on 30 September to make a firm offer or walk away.
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