Summary
- Rupert Murdoch-controlled Australian property group REA increases offer for UK’s largest online property portal, Rightmove, to £5.9bn.
- Rightmove’s board initially rejected the offer as undervaluing the company, prompting REA to sweeten the deal by about £300m.
- Potential takeover bid comes amid increasing merger and acquisition activity in the UK online property market.
- If successful in acquiring Rightmove, REA plans to open a secondary listing on the London Stock Exchange.