Rightmove’s board has unanimously rejected a £5.6bn takeover by Australian portal owners REA Group, it was announced this morning.

The board says the offer was “unsolicited” and far too low, undervaluing the business.

Unanimous

A statement from Rightmove says it received “an unsolicited, non-binding and highly conditional proposal from REA regarding a possible cash and shares offer”.

“The Board carefully considered the proposal, together with its financial advisers, and concluded that it was wholly opportunistic and fundamentally undervalued Rightmove and its future prospects.

“Accordingly, the Board unanimously rejected the Proposal on 10 September 2024. This announcement is being made without the agreement or approval of REA”

Staggering rise

REA and its CEO Owen Wilson (main picture) said earlier this month it was considering a cash and share offer for the UK’s No. 1 portal, but that it not had any discussions with Rightmove or made a formal move.

Shares in Rightmove rose by a staggering 27% in a single day after news broke about the possible takeover deal.

REA is the largest portal in Australia, and is owned by Rupert Murdoch’s News Corp.