Rightmove Rejects Rupert Murdoch’s £6.1 Billion Takeover Bid as ‘Unattractive’

British property portal Rightmove has dismissed a third unsolicited takeover proposal from REA Group, valued at £6.1 billion (approximately $8.2 billion), as “unattractive.” The company’s board stated that the offer significantly undervalues Rightmove and its future prospects, according to a statement released Wednesday.

REA Group, an Australian firm primarily owned by Rupert Murdoch’s News Corp, initially expressed interest on September 2. In its proposal, REA highlighted the “clear similarities” between the two companies, particularly in their strong positions within the residential market.

Under UK takeover regulations, REA must either announce a firm intention to make an offer or withdraw by 1600 GMT on Monday. The first bid was priced at £5.6 billion, while the specifics of the second proposal have not been disclosed.

Industry analysts suggest that REA might be motivated by the potential for lower mortgage costs due to expected interest rate cuts in Britain, along with the government’s new plans for widespread housebuilding.

Should the acquisition proceed, REA has indicated it would seek a secondary listing on the London stock market, in addition to its current presence on the Australian Securities Exchange.