Rupert Murdoch-owned REA Group has expressed frustration with Rightmove PLC (LSE:RMV)’s refusal to play ball with the numerous takeover offers for the FTSE 100-listed property portal.
REA said it is “disappointed” by the latest rejection from Rightmove and “is frustrated that, save for the rejection of REA's three previously disclosed proposals, REA has still had no substantive engagement with Rightmove.
In rejecting the latest offer tabled by REA Group, Rightmove said the £6.1 billion bid "continues to be unattractive and materially undervalues the company and its future prospects".
The prospect of a hostile takeover approach from REA Group has been raised by City analysts.
Although REA Group has yet to announce such an approach, the company has urged Rightmove shareholders “To engage in constructive discussions with REA to work towards a recommended transaction” ahead of a 30 September deadline under the Takeover Code.
Aussie-listed REA Group tabled its first bid for Rightmove on the 2nd of this month before increasing the offer twice in the preceding weeks.