British real estate portal Rightmove has turned down an enhanced $8.29 billion takeover offer from Rupert Murdoch's Australian property firm, REA Group. Despite this being the fourth

proposal, Rightmove stated on Monday that the bid still undervalued the company.

After consulting shareholders and reviewing the latest offer made last Friday, Rightmove’s board deemed the proposal "unattractive" and declined REA's request for due diligence access. The company believes that pursuing its independent strategic plan better serves the interests of its shareholders.

REA Group, 62% owned by Murdoch’s News Corp, had offered a mix of 346 pence in cash, 0.0417 new REA shares, and a special dividend of 6 pence per share. This placed Rightmove’s implied value at 781 pence per share, a modest 3% increase from the previous bid.

Following the rejection, Rightmove’s shares dropped by around 4%, trading at 642 pence early Monday.

With the deadline for REA to submit a formal offer or withdraw set for 1600 GMT on Monday, the company had sought an extension from the UK’s takeover regulator. Rightmove confirmed that REA had requested extra time to consider a potential fifth bid.

Rightmove’s Chair Andrew Fisher met with REA Chair Hamish McLennan, and both firms’ executive teams held discussions. REA has expressed frustration over Rightmove's repeated refusal to engage in detailed talks.

Despite concerns about rising competition, particularly from rival OnTheMarket, which was acquired by U.S. property firm CoStar in 2023, Rightmove is optimistic about its recovery. The company believes a potential easing of interest rates could strengthen the UK's housing market, boosting its outlook. Photo by David Shankbone, Wikimedia commons.