Australian property listing firm REA Group said that British estate portal Rightmove had rejected its £5.6 billion cash-and-stock takeover offer.
Australian property listing firm REA Group said on Wednesday that Britain's largest real estate portal Rightmove had rejected its £5.6 billion cash-and-stock takeover offer.
REA, which is 62% owned by Rupert Murdoch's News Corp , did not cite any reason for the offer's rejection by Rightmove. The Australian company had offered to pay a total of 705 pence per Rightmove share, representing a premium of 27% to the British company's closing price of 556 pence on Aug. 30, after which REA confirmed discussions.
The cash component of the deal was due to be funded by debt and existing cash, REA said. Analysts estimated REA would need to issue about 30 million new shares for the stock portion of the deal, which could lower News Corp's holding down to about 50% of REA.
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