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News Corp-owned REA sweetens takeover offer for UK's Rightmove to $8.3 bln
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News Corp-owned REA sweetens takeover offer for UK's Rightmove to $8.3 bln
Sep 27, 2024 9:31 PM

Sept 27 (Reuters) -

Australia's REA Group ( RPGRF ), owned by Rupert Murdoch

controlled-News Corp ( NWSA ), on Friday bumped up its takeover

bid for Rightmove ( RTMVF ) to 6.2 billion pounds ($8.29 billion)

after the UK firm rejected three of its previous offers.

The new proposal from REA, a property listing firm,

comprises of an offer price of 775 pence apiece, an 17% premium

to Rightmove's ( RTMVF ) closing price on Thursday. The company has also

offered an additional special dividend of 6 pence per share.

REA's new bid is 1.4% higher than its previous offer of 770

pence per share, or 6.1 billion pounds, and 11% more than its

first offer of 705 pence a share.

The UK firm did not immediately respond to a Reuters request

for comment.

Rightmove ( RTMVF ) rejected the last three proposals from REA, saying

they undervalued the company and were "uncertain, highly

opportunistic and unattractive".

REA on Friday also urged the London-based firm's

shareholders to ask the board to engage in talks after the

company declined to discuss a deal following the previous

takeover proposals.

The Australian company additionally requested an extension

of the Sept. 30 deadline to make a firm binding offer.

($1 = 0.7477 pounds)

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