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What will be the outcome of Rightmove's stock price by the end of 2024?
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Story
Rightmove Rejects Fourth £6.2 Billion Takeover Offer from Murdoch's REA Group, REA Withdraws Bid
Sep 30, 2024, 06:09 AM
Rightmove has rejected a £6.2 billion ($8.3 billion) takeover offer from Rupert Murdoch's REA Group. This marks the fourth attempt by the Australian online property advertising business to acquire the UK-based property portal. Despite increasing its offer from a previous £6.1 billion bid, Rightmove's board deemed the proposal unattractive and undervaluing the company. The offer included a 40% premium over Rightmove's share price. Following the rejection, REA Group has decided to withdraw its bid for Rightmove. Rightmove considered shareholder views and noted the incremental approach to price discovery.
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