Rightmove, the UK's largest property portal, has declined the fourth acquisition offer worth £6.2 billion (approximately $8.29 billion) from Australia-based REA Group. The company has urged REA to submit its best and final offer before the Monday deadline.
Rightmove stated that after thorough consideration of the latest proposal, its chairman, Andrew Fisher, agreed to meet with REA chairman, Hamish McLennan, to initiate negotiations. However, the meeting did not provide any new information to change Rightmove's perspective on the offer.
Rightmove maintained that the proposal remains unattractive and significantly undervalues the company and its future prospects.
Last Friday, REA presented a new acquisition offer proposing Rightmove shareholders receive 346 pence in cash per share and 0.0417 new REA shares. Additionally, shareholders would receive a special cash dividend of 6 pence per share in lieu of any final dividend for this year.
