RIGHTMOVE, the online property website, said on Monday that it had turned down an improved £6.2 billion bid from REA Group, an Australian online property firm majority-owned by Rupert Murdoch's News Corp.
The latest offer, revealed last Friday, was slightly higher than the previous non-binding proposal of £6.1 billion. Under UK takeover rules, REA had until 5pm on Monday to submit a formal bid or withdraw.
In a statement to the London Stock Exchange, Rightmove said the new offer "remains unattractive and continues to materially undervalue" the company and its future prospects.
Addressing REA, Rightmove's chair Andrew Fisher said, "I urge them to submit a best and final proposal ahead of today's... deadline such that we can bring certainty to this process."
REA's interest was first made public on September 2, with the initial proposal valued at £5.6 billion. No figure was disclosed for the second offer.
According to analysts, REA may be attracted by potential interest-rate cuts in the UK, which would reduce mortgage costs for buyers. Observers have also noted that house-building plans by the UK's new Labour government could further boost Rightmove, which lists properties for sale and rent.
Fisher also commented on REA, saying, "We respect REA and the success they have achieved in their domestic market." He added that Rightmove was confident in its standalone future, noting its position as the leading operator in the UK for over 20 years.
If REA succeeds in its takeover, the company has said it would apply for a secondary listing on the London Stock Exchange alongside its current trading on the Australian Securities Exchange.
This bid comes as Rupert Murdoch, 93, faces a legal battle within his family, with some of his children attempting to prevent him from changing the terms of a family trust that would give control of his media assets to his favoured son, Lachlan, after his death.
(With inputs from AFP)
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