Exciting news in the world of real estate as Australian property listing firm REA Group has just announced a new and improved takeover offer for Rightmove, the leading real estate portal in the UK. The offer has been sweetened to a staggering 6.1 billion pounds ($8.12 billion), showing REA’s strong commitment to acquiring Rightmove.
This latest offer values each Rightmove share at 770 pence, a significant increase from the previous offer that was rejected by Rightmove. Despite the rejection, REA remains determined to bring this deal to fruition.
Rightmove had turned down an earlier offer of 749 pence per share from REA, citing undervaluation of the company. However, with the new offer on the table, the ball is now in Rightmove’s court to make a decision.
REA, backed by media mogul Rupert Murdoch’s News Corp, had initially offered 705 pence per share, equating to 5.6 billion pounds for Rightmove. This increased offer demonstrates REA’s confidence in the potential of this acquisition.
With the revised offer now on the table, it will be interesting to see how Rightmove responds and if this deal will ultimately go through. Stay tuned for more updates on this exciting development in the real estate industry!
($1 = 0.7510 pounds) (This story has been corrected to say that Rightmove rejected an earlier takeover offer and REA has since sweetened the offer to $8.1 bln)