LONDON — Rupert Murdoch’s Australian property firm REA Group said Monday it would no longer seek to buy the U.K.’s Rightmove after the property portal rejected a fourth offer proposal.
REA said it maintains a “disciplined approach” to mergers and acquisitions and that it’s bid for Rightmove was dependent on coming to an agreement at a “fair price.”
“We were disappointed with the limited engagement from Rightmove that impeded our ability to make a firm offer within the timetable available. They had nothing to lose by engaging with us,” said REA’s CEO Owen Wilson.
Rightmove, meanwhile, said Monday in a separate statement that it rejected REA Group’s fourth offer proposal on the grounds that it “materially undervalued Rightmove and its future prospects.”
The offer, made on Friday, for 346 pence in cash and 0.0417 new REA shares, implied an additional 10 pence in value or 1.3%, when compared to the previous third proposal, according to Rightmove.
Shares of Rightmove were trading 8.4% lower on Monday afternoon London time.
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