Infrastructure

REA Group ups offer to £6.1B for Rightmove, urges engagement

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News Corporation (NASDAQ:NWSA) disclosed in its latest SEC filing that its subsidiary, REA Group, has made a further improved non-binding proposal to acquire Rightmove.

The proposed cash and share offer stands at an implied total value of 770 pence per Rightmove share, amounting to approximately £6.1 billion.

Rightmove's board has previously rejected prior attempts, asserting they undervalued the company.

“We believe that the combination of our world-leading expertise and technology with the attractive Rightmove business will create an enhanced experience for agents, buyers, and sellers of property.

We are genuinely disappointed at the lack of engagement by Rightmove’s board and we strongly encourage the Rightmove board to engage,” said REA CEO Owen Wilson.

The proposal includes 341 pence in cash and 0.0422 new REA shares per Rightmove share.

 

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