REA Group's $7.3 Billion Takeover Proposal Rejected by U.K.'s Rightmove
By Stuart Condie
SYDNEY--Australian real-estate advertiser REA Group said U.K. counterpart Rightmove rebuffed a takeover proposal valuing the London-listed company at about 5.6 billion pounds ($7.32 billion).
REA on Wednesday said that on Sept. 5 it made a non-binding proposal consisting of GBP3.05 and 0.0381 new REA shares for each Rightmove share. The proposal implied a total offer value of GBP7.05 per share and represented a 27% premium to Rightmove's undisturbed share price, REA said.
Rightmove's board rejected the proposal on Sept. 10, the Australian company added.
REA is 61% owned by News Corp, which owns Dow Jones & Co., the publisher of this newswire and The Wall Street Journal.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
September 10, 2024 19:59 ET (23:59 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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