01:29 PM EDT, 09/11/2024 (MT Newswires) -- News Corp. ( NWSA ) Class A shares were down over 1% in recent Wednesday trading after the company's subsidiary REA Group disclosed its bid to acquire Rightmove was rejected.

The Australian company made a non-binding proposal to acquire each Rightmove stock for 3.05 British pounds ($3.98) in cash and 0.0381 in new REA shares, valuing the business at 5.6 billion pounds, REA said separately.

Under REA's proposal, Rightmove shareholders would hold approximately 18.6% of the combined company.

Rightmove said its board rejected the proposal after concluding it was "wholly opportunistic and fundamentally undervalued Rightmove and its future prospects."

Price: 25.97, Change: -0.31, Percent Change: -1.18