Murdoch’s REA makes fourth proposal for UK house site Rightmove

REA Group has made a fourth takeover proposal in less than a month for Rightmove, valuing the UK property portal at about £6.2 billion ($12 billion).

The cash-and-stock indicative offer values Rightmove shares at 775 pence each, plus a special dividend of 6 pence per share, according to an REA statement.

Based on the Australian firm’s share price on Friday, the total offer values Rightmove at about £6.2 billion, or 11 per cent higher than REA’s initial bid.

REA, which is part of media mogul Rupert Murdoch’s empire, reiterated its “disappointment and surprise” at Rightmove’s repeated rejections of its prior proposals.

It requested an extension to the September 30 regulatory deadline to make a formal offer.

Under British takeover rules, REA has until the end of the month to lodge a bid or walk away.

Bloomberg