Rightmove PLC (LSE:RMV) has unanimously rejected a fourth takeover offer from Rupert Murdoch's REA Group, also rejecting requests to examine its books and for an extension of today's put-up-or-shut-up deadline.
The latest offer was issued on Friday, which the Aussie company said had been rejected, leading it to plead/demand that the UK market leader must "engage now".
The FTSE 100-listed company issued a statement this morning, noting that the proposal of 346p in cash and 0.0417 new REA shares adds up to 780p pence per Rightmove share, based on REA's share price on September 30.
Including an additional 6p dividend in cash in lieu of the final dividend for 2024, the latest proposal adds 10p in value compared to REA's third proposal, rejected earlier last week, Rightmove said.
"The board has concluded that the latest proposal remains unattractive and continues to materially undervalue Rightmove and its future prospects and that the board cannot recommend the latest proposal to Rightmove shareholders."
As well as saying that it had consulted with a wide array of shareholders before rejecting this latest proposal, Rightmove also revealed some more behind-the-scenes information after REA has expressed its frustration about a lack of engagement.
"The Rightmove and REA teams have known one another for many years, and have had numerous interactions, including discussions around strategy and best practice as recently as June.
"Rightmove has taken every phone call that REA has made since its interest was first made public, with a level of engagement which in Rightmove's view is customary and appropriate in the context of an unsolicited and unilateral series of approaches, made to a listed company, where the possible offeror is taking an incremental and iterative approach to price discovery."
Chair Andrew Fisher, also agreed to meet with the chair of REA, Hamish McLennan, in person, with a further meeting including members of both executive teams, where it said "no information was presented in either meeting which was materially new or different to the information which has been previously presented publicly by REA" and "nothing" that materially changed the board's view of the possible offer.
Rightmove said it has declined requests from REA to grant due diligence, considering that there is enough information in the public domain and knowledge within REA "to put forward a proposal capable of recommendation" before the PUSU deadline at 5pm today.
"We respect REA and the success they have achieved in their domestic market. However, we remain confident in the standalone future of Rightmove," said Fisher.
"The last few weeks have been very disruptive, as well as unsettling for our colleagues. To the extent REA wants to put forward a further proposal, I urge them to submit a best and final proposal ahead of today's PUSU deadline such that we can bring certainty to this process."
Shares in Rightmove fell over 3% in early trading to 640p.