Rightmove has rebuffed Australian property group REA’s £6.1bn takeover bid, saying it still undervalues the company.
On Monday, Rupert Murdoch-owned REA sweetened its offer for the British property portal, just days after it had raised it for the second time to £5.9bn.
Rightmove said today it had considered the improved offer and concluded that it “continues to be unattractive and materially undervalues the company and its future prospects”.
The board unanimously rejected the bid on 24 September 2024.
Earlier this month, Rightmove snubbed an initial £5.6bn offer from Rupert Murdoch-owned REA, describing it as “wholly opportunistic”.
In response, REA has said it is “disappointed by the latest rejection from the Board of Directors of Rightmove and is frustrated that, save for the rejection of REA’s three previously disclosed proposals, REA has still had no substantive engagement with Rightmove.”
Owen Wilson, REA chief executive has previously said the company believes a combination of its own technology with the Rightmove business will “create an enhanced experience for agents, buyers and sellers of property.”
He also slammed an alleged “lack of engagement” by Rightmove’s Board.
But analysts have pointed out that REA may need to bid much higher if it wants to bag London’s most profitable company.
REA was not immediately available for comment.