Rightmove's board rejected REA Group's third bid, stating it undervalues the company and deemed the offers opportunistic, urging shareholders to disregard REA's advances.
The latest rejected bid from REA increased the valuation to £6.1 billion, but Rightmove noted that the implied share price value had fallen to £759 amid market fluctuations.
REA expressed disappointment after the rejection, citing frustration with Rightmove's lack of engagement and underscoring their belief that the offer provides immediate cash value.
With increased competition following CoStar's acquisition of OnThe Market, Rightmove is more cautious, especially as it raises revenue through subscription fees from estate agents.
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