Deals
Murdoch’s REA Withdraws Pursuit of Property Site Rightmove
- UK property portal has rebuffed four takeover bids from REA
- Australian suitor says limited engagement thwarted firm offer
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Shares of Rightmove Plc slid the most in almost a year after REA Group Ltd., whose four takeover proposals in less than a month were rebuffed by the British property portal, walked away from its pursuit of the London-listed firm.
The Australian company doesn’t intend to make an offer for Rightmove, it said in a statement on Monday, confirming an earlier Bloomberg News report. Rightmove earlier reiterated that the latest proposal valuing it at £6.2 billion ($8.3 billion) remained unattractive. It also rejected REA’s request to extend a deadline and piled pressure on REA Group to submit its “best and final proposal” before 5 p.m. London time, Monday.