Rightmove Plc, the UK’s leading property portal, rejected a $7.3 billion takeover bid from Australia’s REA Group Ltd. Rightmove’s board, after consulting with financial advisers, rejected the proposal, finding it "opportunistic and undervaluing its future prospects." REA, a division of Rupert Murdoch's empire, made a preliminary cash-and-stock offer valuing Rightmove shares at a 26% premium. REA seeks to acquire Rightmove to enhance its scale, leveraging its position as Australia's largest online real estate player and expanding into other markets. The bid’s rejection led to a drop in Rightmove's share price and a decline in REA's shares.
