Murdoch's REA ends month-long takeover pursuit of Britain's Rightmove
-Rightmove's shares dropped 8% on Monday after Rupert Murdoch's REA Group ended its $8.29 billion takeover pursuit following a fourth bid rejection from the British real estate portal.) ahead of a 1600 GMT deadline capped a month-long saga that saw the London-listed firm rebuff four proposals on valuation concerns.
"The lack of meaningful engagement and the consistent lack of information provided by Rightmove impeded the ability to progress discussions and work together towards a recommended transaction, within the timetable permitted," REA said in a statement. REA, which had requested an extension of the deadline to make a formal offer, said it was disappointed that Rightmove was"unwilling to do so".Analysts at J.P.Morgan had said that its conversations with investors had suggested an offer price of at least about 800 pence to 850 pence per share would have been needed to see the deal through.), consisted of 346 pence in cash, 0.0417 new REA shares and a special dividend of 6 pence in cash.
The UK company looks primed for a steady recovery from a property market downturn as the potential for more rate cuts boosts sentiment in the UK housing sector.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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