Britain’s Rightmove rejects REA’s sweetened £6.1 billion takeover offer
Add BT as a preferred source
AUSTRALIAN property listing firm REA Group said on Monday that Britain’s largest real estate portal Rightmove had rejected its sweetened £6.1 billion (S$10.5 billion) cash-and-stock takeover offer.
Under the new proposal, REA offered to pay a total of 749 pence per Rightmove share, higher than the earlier offer of 705 pence apiece.
REA, which is majority-owned by Rupert Murdoch’s News Corp, said Rightmove continued to characterise the offer as fundamentally undervaluing the company.
The sweetened deal comes after Rightmove rejected REA’s initial £5.6 billion buyout offer earlier this month, citing the same reason. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
CDL, Hong Realty trump 3 other bidders with S$542.4 million offer at S$1,865 psf ppr for Peck Hay plot
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
Battle for Asia’s ultra-rich: ‘Singapore can’t afford to keep losing clients to Dubai, Hong Kong’
Evergrande’s liquidation prompts some PwC partners to shield assets, contemplate divorce
