Rupert Murdoch is reported to have considered another bid to buy Rightmove, but abandoned the plan amid the current worldwide stock market chaos.

The media mogul had thought about renewing his interest in the UK’s largest portal despite being rebuffed four times last year, the Daily Telegraph reports.

Rejected

The Rightmove board rejected a series of offers from Australian property portal REA Group in September, which is owned by Murdoch’s News Corp.

Rightmove only offered “limited engagement” REA said at the time, but Rightmove accused the Aussie firm of undervaluing the company and being opportunistic. REA Group then appeared to rule out a hostile takeover as this would mean paying over the odds, having already offered more than £6 billion.

Turmoil

Now, US President Donald Trump’s tariffs have caused turmoil in the world’s markets. And Murdoch has clearly had a rethink, meaning there will be no new approach for Rightmove, at least at this time anyway.

A spokesperson for REA Group told The Neg: “We have not reconsidered or revisited our position on this. We are focussed on the significant opportunities we have in our business.”

Once REA pulled out in October, there were predictions that Rightmove could attract more takeover offers. Analysts said investors would be looking at Rightmove more closely based on REA’s interest in buying the company.

Stingy

Dan Coatsworth, Investment Analyst at AJ Bell, told City AM: “The past month’s bid action has put the stock on more investors’ radar” and a “greater number of investors will now be looking closer to see why REA was so desperate to buy it”.

“[REA] was never going to win with a stingy cash-and-shares offer… It needed a knock ‘em out the park premium-priced bid to win over the company and its shareholders, and that didn’t materialise.”

Main pic credit: Eva Rinaldi.