investing.com — Rightmove plc (LON:RMV) turned down a revised takeover offer from REA Group on Wednesday. The Board of the online property portal announced its unanimous decision to reject the unsolicited, non-binding proposal, describing it as “unattractive” and “materially undervalues” the company.
The Increased Proposal from REA, which is majority-owned by Mr. Murdoch’s News Corporation, submitted on September 22, offered shareholders 341 pence in cash and 0.0422 new REA shares for each Rightmove share.
This package valued Rightmove’s shares at approximately 759 pence based on REA’s share price on September 24.
However, this offer came against the backdrop of about a 12% drop in REA’s stock since August 30, 2024, raising concerns about the true value of the proposal.