Board rejects non-binding indicative proposal of 705p a share for UK’s biggest online real-estate portal
REA, the Australian property company majority-owned by Rupert Murdoch’s News Corp, has made a £5.6bn offer for Rightmove, the UK’s biggest online real-estate portal.
Rightmove said: “The board carefully considered the proposal, together with its financial advisers, and concluded that it was wholly opportunistic and fundamentally undervalued Rightmove and its future prospects. Accordingly, the board unanimously rejected the proposal … shareholders should take no action.”
REA said if it was eventually able to complete a deal for Rightmove it would open a secondary listing on the London Stock Exchange, arguing that this would “provide the opportunity for a wider pool of investors to gain exposure to a global and diversified digital property company” on the LSE. In 2001, Murdoch’s eldest son, Lachlan, swooped on the struggling REA, taking a 44% stake for A$2m , and increased News Corp’s stake to 62% in 2005 after a takeover deal fell through.
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