Murdoch's REA Withdraws Pursuit of Property Site Rightmove [Yahoo! Finance]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
NASDAQ:AMEX Investor Relations:
plc.rightmove.co.uk/investors
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Source: Yahoo! Finance
Most Read from Bloomberg The Australian company doesn't intend to make an offer for Rightmove, it said in a statement on Monday, confirming an earlier Bloomberg News report. Rightmove earlier reiterated that the latest proposal valuing it at £6.2 billion ($8.3 billion) remained unattractive. It also rejected REA's request to extend a deadline and piled pressure on REA Group to submit its “best and final proposal” before 5 p.m. London time, Monday. A “lack of meaningful engagement and the consistent lack of information provided by Rightmove impeded the ability to progress discussions” and work toward a recommended transaction, within the timetable permitted, REA said in the statement. Rightmove's stock plunged as much as 11% on Monday, the biggest intraday loss since October last year, before closing down 8%. It's still up 11% from its Aug. 30 closing price before the news of REA's interest emerged. Shares of Melbourne-based REA jumped as much as 4% in early trading Tuesday afte
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