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Latest bid values Rightmove ( RTMVF ) at 770 pence per share

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Rightmove ( RTMVF ) had rejected two earlier proposals from REA

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REA says remains ready to engage with Rightmove ( RTMVF ) board

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REA shares end down 2.5%, Rightmove ( RTMVF ) rises 2.8%

(Releads with Rightmove ( RTMVF ) response to REA's sweetened proposal)

By Scott Murdoch and Himanshi Akhand

Sept 23 (Reuters) - Britain's Rightmove ( RTMVF ) said on

Monday it would carefully consider Australian property listing

firm REA Group's ( RPGRF )

sweetened 6.1 billion pound ($8.12 billion) takeover bid for the

company, after rejecting two previous proposals.

The latest proposal consists of 341 pence in cash and 0.0422

new REA shares, giving Rightmove ( RTMVF ) an implied value of 770 pence

per share.

Rightmove ( RTMVF ) said the non-binding and 'highly conditional' bid

would be considered by the board and the company's financial

advisers. REA Group's ( RPGRF ) first two proposals were quickly rejected

by the target company.

Shares of Rightmove ( RTMVF ) rose 2.8% to 693.6 pence by 0730 GMT.

REA, which is 62% owned by Rupert Murdoch's News Corp ( NWSA ),

closed down 2.5% on Monday.

Rightmove ( RTMVF ) chairperson Andrew Fisher said the company would

respond to REA's third bid in due course.

The REA bid put forward on Monday is higher than the initial

offer of 705 pence per share, or 5.6 billion pounds, and the

second proposal of 749 pence per share. Rightmove ( RTMVF ) had rejected

both the proposals, saying they undervalued the company and were

"uncertain, highly opportunistic and unattractive".

REA said before Rightmove's ( RTMVF ) comment on its third bid that it

had not had any "substantive engagement" with the takeover

target, except for the rejections, and that it remained ready to

engage immediately with the Rightmove ( RTMVF ) board.

"We are genuinely disappointed at the lack of engagement by

Rightmove's ( RTMVF ) board and we strongly encourage the Rightmove ( RTMVF ) board

to engage," REA CEO Owen Wilson said in a statement.

Britain's housing market is triple the size of Australia's,

according to analysts, and a deal would allow REA to expedite

its international growth plans.

"The increased offer is clearly aimed at bringing the

Rightmove ( RTMVF ) board to the negotiating table," said S&P analyst

Entcho Raykovski, noting News Corp's ( NWSA ) REA ownership would be

reduced to about 49% if a deal progresses.

"...we note that REA has not declared the offer best and

final, so there is scope for further increases."

REA has until Sept. 30 to make a formal offer for Rightmove ( RTMVF )

or walk away.

The Australian company reiterated that it would look to

apply for a secondary listing in London to give it access to a

wider pool of investors.

($1 = 0.7510 pounds)

(Reporting by Scott Murdoch in Sydney, Himanshi Akhand and Aby

Jose Koilparambil in Bengaluru, additional reporting by Iain

Withers in London; Editing by Jamie Freed, Subhranshu Sahu and

Muralikumar Anantharaman)