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Murdoch's $7.3 Billion Takeover Bid Rebuffed by Rightmove

Rupert Murdoch-backed property portal pursuing UK company
Rightmove’s board rejected offer valued at 705 pence a share

While Rightmove enjoys the largest market share in the UK property portal market, rival OnTheMarket Plc recently launched an expansion drive after being acquired by US real estate firm CoStar Group Inc. — While Rightmove enjoys the largest market share in the UK property portal market, rival OnTheMarket Plc recently launched an expansion drive after being acquired by US real estate firm CoStar Group Inc.
Photographer: Hollie Adams/Bloomberg

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By Dinesh Nair and Aaron Kirchfeld

September 10, 2024 at 5:43 PM UTC

Updated on

September 11, 2024 at 7:10 AM UTC

This article is for subscribers only.

Rightmove Plc, the UK’s biggest property portal by market share, rejected a £5.6 billion ($7.3 billion) takeover proposal from Australia’s REA Group Ltd., saying the bid undervalued the company and its future prospects.

REA, part of media mogul Rupert Murdoch’s empire, submitted a preliminary cash-and-stock offer on Sept. 5, valuing each Rightmove share at 705 pence, according to a statement confirming an earlier report by Bloomberg News.