REA Group (ASX:REA) Makes Third Multi-Billion Pound Offer for Rightmove

2 min read | September 23, 2024 11:57 PM EDT | By Team Kalkine Media

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REA Group (ASX:REA) Makes Third Multi-Billion Pound Offer for Rightmove — Image source: Shutterstock

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REA Group (ASX:REA), the Australian online property platform largely owned by Rupert Murdoch's News Corp, has put forth a third substantial offer to acquire British real estate listing giant Rightmove. This latest bid is valued at GBP 6.1 billion (approximately USD 8.1 billion) and comes after Rightmove declined two previous offers made earlier this month.

In a statement released on the London Stock Exchange, REA Group CEO Owen Wilson expressed disappointment over what he described as a lack of engagement from Rightmove's Board. "We are genuinely disappointed at the lack of engagement by Rightmove's Board," Wilson stated, highlighting REA's eagerness to discuss the potential merger.

Rightmove has acknowledged receipt of the latest proposal, labeling it as "unsolicited, non-binding, and highly conditional." The company's chairman, Andrew Fisher, noted that the Board had previously rejected the first two offers because they were deemed "uncertain, highly opportunistic, and unattractive."

Fisher affirmed the Board's commitment to act in the best interests of shareholders, stating, "The board will continue to act on behalf of our shareholders and respond to the most recent proposal in due course."

In early trading on London's FTSE 100 index, shares of Rightmove saw a rise of 2.8%, reflecting some investor optimism amid the ongoing acquisition discussions.

REA Group first publicly expressed its interest in Rightmove on September 2, citing "clear similarities" between the two companies in terms of their leading positions within the core residential property market. The initial offer from REA was valued at GBP 5.6 billion, followed by a second proposal on September 18, which also failed to gain traction.

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