REA increases bid for Rightmove to £6.1bn amid board silence

Rupert Murdoch's REA Group has made a third takeover bid for Rightmove, proposing a valuation of £6.1 billion at 770p per share. This follows two earlier offers, the first being £5.6 billion and the second at 749p per share, both of which were rejected by Rightmove's board. The board described the initial proposals as opportunistic and unattractive, stating they fundamentally undervalued the company. REA's CEO, Owen Wilson, expressed disappointment over the lack of engagement from Rightmove's board and emphasized the potential benefits of merging the two companies, which would create a stronger digital property business. Under the latest proposal, Rightmove shareholders would retain approximately 20% of the combined entity, which would seek a secondary listing in London post-takeover. REA has until September 30 to finalize its offer or withdraw, as per City Takeover Panel regulations. Founded in Melbourne, REA has expanded its operations internationally, employing over 2,800 people and aiming to enhance its competitive position in the digital property market.