NEWS Corp-backed property listing company REA Group said on Wednesday that Britain’s largest property portal Rightmove rejected its £5.6 billion (S$9.5 billion) buyout proposal.
Rupert Murchoch-owned REA did not cite any reason as to why its takeover offer was rejected by Rightmove.
Under the part cash, part scrip deal proposal, REA offered to pay a total of 705 pence for each Rightmove share, representing a premium of 27 per cent to the UK company’s closing price of 556 pence on Aug 30, after which REA confirmed discussions.
The proposal was non-binding and subject to customary conditions, including completion of due diligence to the satisfaction of REA.
REA further said it will look to apply for a secondary listing in London, which will give the company access to a wider pool of investors. REUTERS
