UK's Rightmove rejects sweetened $8.3 billion bid from Murdoch's REA Group [CNBC]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
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Source: CNBC
It had requested to the UK's takeover regulator for an extension of the deadline. British real estate portal Rightmove rejected a sweetened $8.29 billion takeover bid from Rupert Murdoch's Australian property listing firm REA Group on Monday, saying the fourth bid still undervalued the company. Rightmove said its board, after taking into consideration the views of shareholders and considering representations from REA's chair and management team, had concluded that the proposal put forward on Friday remained "unattractive". Declining a request from REA to grant due diligence access, the British company also said that shareholder interests would be better served through the execution of its standalone strategic plan. The latest proposal from REA Group, which is 62% owned by Murdoch's News Corp, consisted of 346 pence in cash, 0.0417 new REA shares and a special dividend of 6 pence in cash. That gave Rightmove an implied value of 781 pence per share, about a 3% increase over the
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