REA Group Tables Fourth $8.32 Billion Bid for Rightmove, Urges Board to Engage
By Ian Walker
News Corp-controlled REA Group has tabled a fourth proposal to buy British peer Rightmove for 6.2 billion pounds ($8.32 billion) in cash and shares, and urged its board to enter into talks.
Under the latest proposal--which follows the rejections of its previous three approaches--accepting Rightmove shareholders would get 346 pence in cash and 0.0417 new REA shares for each share held. They would also receive a special dividend of 6 pence in cash, in lieu of any final dividend for this year.
The latest terms imply a value of 781 pence a Rightmove share based on REA's closing price of 200.00 Australian dollars ($137.90) on Friday, REA said.
News Corp is the parent company of Dow Jones & Co., publisher of The Wall Street Journal and Dow Jones Newswires.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
September 27, 2024 04:57 ET (08:57 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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