Murdoch Abandons Takeover Bid For Rightmove [Barron's]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
NASDAQ:AMEX Investor Relations:
plc.rightmove.co.uk/investors
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Source: Barrons
News Corp empire, on Monday abandoned a takeover pursuit of British peer Rightmove, which rejected a latest proposal worth £6.2 billion ($8.3 billion). "REA confirms that it does not intend to make... (a formal) offer for Rightmove," it said in a statement before a Monday deadline to make a firm bid or walk away under UK takeover rules. REA chief executive Owen Wilson said his company had been "disappointed with the limited engagement from Rightmove that impeded our ability to make a firm offer within the timetable available." "They had nothing to lose by engaging with us," he said. News Corp CEO Robert Thomson welcomed an end to the pursuit. "We applaud REA's financial discipline as it is foolhardy to overpay for an asset, even if it patently had positive potential," he said. "Financial discipline has been at the heart of the transformation of News Corp and our recent successful acquisitions for Dow Jones and HarperCollins reflect that core principle," Thomson added. Ri
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