Rupert Murdoch’s £6.1 billion takeover offer seen as ‘unattractive’ by UK Property platform Rightmove
- ParlayMe
- Sep 25, 2024
- 1 min read
Rightmove has rejected a third bid from Rupert Murdoch’s REA Group and said the offer was “unattractive” and undervalues the UK’s largest online property portal.
On Wednesday Rightmove confirmed that its board had “unanimously rejected” the non-binding cash-and-shares offer put forward on Monday, which valued the company at £6.1bn.
It is the third offer REA has made this month. Since the initial £5.6bn bid, disclosed on 5 September, the business has increased its offers, with the current one about £200m higher than the £5.9bn put forward on 20 September.
REA said its plan is to create a property business with "strong margins and significant cash generation' that holds the number one position in both the UK and Australia."
It added that buying Rightmove would
"enhance the UK property experience for buyers, sellers, and renters, positively contributing to the property market ecosystem."
Following the rejection from Rightmove's board, REA has until 5pm on 30 September to bid again or accept it was rejected.
The news comes as hedge fund Starboard Value confirmed it filed a shareholder resolution to reduce Mr Murdoch's power at News Corp.
The hedge fund wants to abolish the structure which currently gives Mr Murdoch 40% of News Corp's voting stock even though he only owns an equity stake of about 14%.
Mr Murdoch stepped down as Fox and News Corp chairman in favour of his son Lachlan in 2023.
Rupert Murdoch’s £6.1 billion takeover bid for Rightmove has stirred discussion across the UK property sector Many analysts see the offer as undervaluing Rightmove’s digital dominance and long term growth calling it financially unattractive The move highlights ongoing shifts in real estate investments and media conglomerate interests
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