Sept 25 xx (Reuters) - British real estate portal

Rightmove ( RTMVF ) on Wednesday rejected a sweetened $8.1 billion

takeover proposal from Australian property listing firm REA

Group ( RPGRF ), saying the bid undervalued the company.

"The board considered the increased proposal... and

concluded that the increased proposal continues to be

unattractive and materially undervalues the company and its

future prospects," Rightmove ( RTMVF ) said in a statement.

The most recent proposal from REA Group ( RPGRF ), which is 62%

owned by Rupert Murdoch's News Corp ( NWSA ), consists of 341

pence in cash and 0.0422 new REA shares, giving Rightmove ( RTMVF ) an

implied value of 770 pence per share.

The latest bid came after an initial offer of 705 pence

per share, or 5.6 billion pounds, and the second one of 749

pence per share, were rejected by Rightmove ( RTMVF ).