REA Group makes a third bid for Rightmove, valuing the company at £6.1bn – live updates on business

Australian company REA Group has made a third offer to acquire UK housing portal Rightmove for £6.1bn, upping their offer to 770p per Rightmove share. The CEO of REA, Owen Wilson, stated that the deal would enhance the experience for property agents, buyers, and sellers. REA, majority owned by News Corp, has been disappointed by the lack of engagement from Rightmove’s Board after their previous offers were rejected. Rightmove’s shares closed at 674p on Friday before news of the increased offer. Surveys on the performance of major economies are expected today, and Chancellor Rachel Reeves is set to deliver a speech at the Labour Party conference. In other news, Sri Lanka’s bonds are slipping after left-wing candidate Anura Kumara Dissanayake won the country’s presidential election, and spending on health and beauty products is rising despite cost-of-living pressures. Oxford Metrics has reported that customers are being more cautious, affecting their financial outlook. REA’s latest offer has caused shares to drop by 2.1% on the Australian stock market. Despite disputes, REA remains hopeful that their increased offer will entice Rightmove’s Board to engage in negotiations. With the potential takeover in motion, industry observers are waiting to see if Rightmove will accept the offer or hold out for a better deal.

Source
Photo credit www.theguardian.com