Rupert Murdoch’s property group REA ends chase to buy Rightmove after multiple rejected offers

Rupert Murdoch's Australian property listing firm REA Group said Monday it would no longer seek to buy UK property portal Rightmove.

REA Group said it maintains a "disciplined approach" to mergers and acquisitions and that it's bid for Rightmove was dependent on coming to an agreement at a "fair price."

Rupert Murdoch at his annual party at Spencer House, St James' Place in London. Picture date: Thursday June 22, 2023.LONDON — Rupert Murdoch's Australian property firm REA Group said Monday it would no longer seek to buy the U.K.'s Rightmove after the property portal rejected a fourth takeover proposal.

Rightmove, meanwhile, said Monday in a separate statement that its board unanimously rejected REA Group's fourth offer proposal on the grounds that it "materially undervalued Rightmove and its future prospects." It added that shareholder interests would be better served through the execution of Rightmove's standalone strategic plan.

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