Rupert Murdoch's REA Group announced it will cease its pursuit of the U.K. property portal Rightmove after its fourth offer was rejected, emphasizing a disciplined approach to acquisitions.
REA Group's CEO Owen Wilson expressed disappointment over Rightmove's limited engagement, stating, "They had nothing to lose by engaging with us," which hindered their ability to present a firm offer.
Rightmove issued a statement saying REA Group's fourth offer "materially undervalued Rightmove and its future prospects," reinforcing their decision to reject the proposal.
The recent offer included 346 pence in cash and new REA shares but fell short in value compared to previous proposals, leading to a decline in Rightmove's shares.
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