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Rightmove is set to reject an improved takeover offer from an Australian property giant controlled by Rupert Murdoch.
The property listing site is expected to reject a £5.9bn offer from Rea this morning after rejecting a £5.6bn proposal earlier this month.
Rightmove has been a prime takeover target after its share price fell amid rising mortgage rates.
But the firm, which controls more than 80 percent of the UK listing market, has said the previous £5.6bn offer was “opportunistic” and “undervalued” the company.
And there are reports suggesting the group will issue another rejection on similar grounds today.
Takeover target: Rightmove is expected to reject a £5.9bn offer from Rea after rejecting a £5.6bn proposal earlier this month
Murdoch’s eldest son, Lachlan, orchestrated an investment in Melbourne-based Rea in 2001 as its shares plummeted following the bursting of the dotcom bubble.
The decision was shrewd, as Rea is now one of the largest companies on the Australian Stock Exchange, with a valuation of more than £13 billion.
Rightmove shares have risen by more than a fifth since Rea’s initial approach.
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