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The Guardian - UK
The Guardian - UK
Business
Mark Sweney

Rupert Murdoch’s REA group ups offer for Rightmove to £5.9bn

REA Rightmove Rupert Murdoch United Kingdom United States News Corp
Tall new-build apartments and office buildings in and around Leeds Dock
Rightmove’s board said that REA’s initial £5.6bn cash and stock offer ‘fundamentally’ undervalued the company. Photograph: Christopher Thomond/The Guardian

The Rupert Murdoch-controlled Australian property group REA has upped its proposed offer for Rightmove, the UK’s biggest online property portal, to £5.9bn.

REA, in which Murdoch’s News Corporation has a 61% stake, has sweetened its initial proposal by about £300m after Rightmove’s board last week unanimously rejected the first offer as “fundamentally undervaluing” the company.

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