Rightmove Plc, the UK’s leading property portal, rejected a $7.3 billion takeover bid from Australia’s REA Group Ltd. Rightmove’s board, after consulting with financial advisers, rejected the proposal, finding it "opportunistic and undervaluing its future prospects." REA, a division of Rupert Murdoch's empire, made a preliminary cash-and-stock offer valuing Rightmove shares at a 26% premium. REA seeks to acquire Rightmove to enhance its scale, leveraging its position as Australia's largest online real estate player and expanding into other markets. The bid’s rejection led to a drop in Rightmove's share price and a decline in REA's shares.
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00:00It's Benzinga and here's what's on the block.
00:03Rightmove PLC, the UK's leading property portal, rejected a $7.3 billion takeover bid from
00:08Australia's REA Group Limited.
00:11Rightmove's board, after consulting with financial advisors, rejected the proposal, finding it
00:15opportunistic and undervaluing its future prospects.
00:18REA, a division of Rupert Murdoch's empire, made a preliminary cash and stock offer, valuing
00:24Rightmove shares at a 26% premium.
00:27REA seeks to acquire Rightmove to enhance its scale, leveraging its position as Australia's
00:31largest online real estate player and expanding into other markets.
00:35The bid's rejection led to a drop in Rightmove's share price and a decline in REA's shares.
00:40For all things money, visit Benzinga.com