The London-listed property platform Rightmove has once again turned down a takeover bid from Rupert Murdoch’s REA Group.
This marks the fourth time the company has rejected overtures from REA, signalling that the offer ‘remains unattractive’ and ‘materially undervalues’ the business.
Rightmove has firmly rejected a £6.2bn takeover offer from Rupert Murdoch’s REA Group. The board unanimously determined that the latest bid ‘remains unattractive’ and ‘materially undervalues Rightmove’. This consistent stance reflects their belief that shareholder interests are better served by pursuing Rightmove’s standalone strategic plan.
Andrew Fisher, the Chair of Rightmove, described the series of bids as ‘very disruptive, as well as unsettling for our colleagues’. Despite the persistence of REA, Rightmove remains resolute in its determination to operate independently.
Despite these assurances, Rightmove dismissed claims from Wilson that it has ‘refused to meet with’ REA. The company maintains that it has taken every call from REA since its interest was first publicised, engaging to an extent deemed appropriate for unsolicited approaches.
Conversely, Doug Tynan, Chief Investment Officer of GCQ, commended the board for rejecting the initial offers but acknowledged the seriousness of the revised £7.70 proposal. He noted that it may now be in shareholders’ interests for the board to engage with REA.
The unwavering rejection of REA’s proposals highlights Rightmove’s confidence in its strategic direction and financial stability. As the company continues to expand its market presence, the focus remains on sustainable growth and innovation.
Stakeholders continue to monitor the situation closely, anticipating further developments as REA’s final deadline approaches.
The ongoing rejection of REA’s bids underscores a commitment to an autonomous strategic vision, fostering confidence among employees and clients alike.
With the 30 September deadline rapidly approaching, all eyes are on REA’s next move. The market awaits a final decision, which will significantly impact the future dynamics of the property portal sector.
Rightmove’s rejection of the fourth takeover bid from REA demonstrates its unwavering commitment to independence.
The company’s strategic focus on sustainable growth and innovation continues to drive its confident stance against external acquisition attempts.