Rightmove rejects £5.6bn offer from Murdoch's firm

Published On Sep 11, 2024, 6:43 AM

Rightmove, a property listing website, has turned down a £5.6 billion takeover offer from REA Group, which is majority-owned by Rupert Murdoch's News Corporation. Rightmove's board described the offer as "wholly opportunistic" and claimed it undervalued the company and its future prospects. REA Group plans to seek a secondary listing in London and aims to strengthen its position in the UK property market. This rejection adds to challenges faced by Murdoch's business empire, notably after the unsuccessful launch of Talk TV.