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Property platform Rightmove has turned down the fourth takeover bid from Rupert Murdoch's REA Group. The London-listed company rejected the £6.2bn offer, stating it "remains unattractive" and "The board has unanimously concluded that the latest proposal is unattractive and materially undervalues Rightmove,".
The board unanimously agreed that shareholder interests would be better served by executing Rightmove's standalone strategic plan. Rightmove also denied REA an extension to its 30 September 'put up or shut up' deadline and access to due diligence, as none of the proposals received so far were at a sufficient level to grant such access, as reported by City AM.
Andrew Fisher, the Chair, described the series of bids as "very disruptive, as well as unsettling for our colleagues". REA has until 5pm on 30 September to
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