Advertisement
Rightmove shares fell by over 1.5% after the UK property website rejected a third takeover proposal from Australian company REA Group Ltd, which is part of Rupert Murdoch’s News Corp. The latest offer valued Rightmove at £6.1 billion ($8.2 billion), but the board deemed it “unattractive” and not reflective of the company’s future potential.
REA Group had raised its bid to 770 pence per share, 39% higher than Rightmove’s stock price before its first offer. Despite REA’s push for shareholders to initiate talks, Rightmove’s board unanimously rejected the proposal, maintaining their stance from previous bids.
As of 9:54 a.m., Rightmove shares were down 1.52%, trading at $18.12.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.