Murdoch’s REA fields US$7.3bil takeover bid that Rightmove rebuffs

REA said it submitted the non-binding indicative proposal to the Rightmove board on Sept 5 and was informed five days later that the board had rejected it. — Bloomberg

SYDNEY: Australian real estate listing provider REA Group Ltd presented a £5.6bil (US$7.3bil) takeover proposal for Rightmove Plc that was rejected by the UK’s biggest property portal by market value.

REA, part of media mogul Rupert Murdoch’s empire, made a preliminary cash-and-stock proposal valued at 705 pence per share, according to a statement confirming an earlier report by Bloomberg News.