Rightmove has rejected an improved takeover offer from REA Group Ltd., according to sources close to the bid.
It is understood that the UK property portal views the sweetened bid of nearly 750 pence a share, or about £5.9bn in total, as undervaluing the company.
Rightmove shares have risen more than a fifth since REA, part of media mogul Rupert Murdoch’s empire, made its first approach earlier month.
The earlier bid, which valued Rightmove shares at about 705 pence a piece, was unanimously rejected.
Representatives from REA and Rightmove have so far not commented on the improved bid, but that could change this morning.
EYE NEWSFLASH: Rightmove rejects £5.6bn takeover offer from Murdoch’s REA Group
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