Australian group calls on Rightmove board to ‘engage now’ after fourth offer for UK online property portal
Rupert Murdoch’s REA Group has made a fourth attempt to buy Rightmove, increasing its offer to £6.2bn as it steps up its pursuit of the UK’s largest online property portal.Rightmove has rejected three previous non-binding cash and shares approaches from REA this month, calling them “unattractive” and saying the offers “fundamentally undervalue” the company.
REA said there had been no “substantive engagement” from Rightmove’s executives beyond “cursory procedural telephone calls” with Rightmove’s chair, Andrew Fisher. In 2001 Rupert Murdoch’s son Lachlan took control of REA, buying a 44% stake in the struggling Australian property company for A$2m . Since the Murdochs sold some of their media crown jewels andThe investment is seen as one of Lachlan’s key contributions to the family’s wealth. Rupert is taking legal action to try to hand control of News Corp to Lachlan, who is thought to share his rightwing political views.
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