Rightmove are standing its ground and have rejected an unsolicited bid from Rupert Murdoch’s REA Group.
REA Group announced its interest in Rightmove in August, and according to a statement by the Rightmove board released on Wednesday, a bid received has fundamentally undervalued the company.
In a cash and shares offer, REA Group have offered the equivalent of 698p for Rightmove, a 26% premium to the share price 30th August. Rightmove shares were 0.5% higher at 674p at the time of writing on Wednesday.
Should a deal eventually be struck, Rightmove, the UK’s leading property portal, would sit alongside similar Australian property portals in REA Group.
Rightmove is the latest UK-listed company to receive interest from an overseas entity. Yesterday, Centamin accepted an approach from AngloGold Ashanti.
REA have until 30th September to make a firm offer for Rightmove.