Rightmove is set to reject a sweetened takeover bid from an Australian property giant controlled by Rupert Murdoch.
The property listing site is expected to snub a £5.9billion offer from Rea this morning after rejecting a £5.6billion approach earlier this month.
Rightmove has been a prime target for a takeover after its share price tumbled in the face of higher mortgage rates.
But the firm, which controls more than 80 per cent of the UK listings market, has said the previous £5.6billion offer was ‘opportunistic’ and ‘undervalued’ the company.
And reports have suggested the group will deliver another rejection on similar grounds today.
Takeover target: Rightmove is expected to snub a £5.9billion offer from Rea after rejecting a £5.6billion approach earlier this month
Murdoch’s eldest son Lachlan orchestrated an investment in Melbourne-based Rea in 2001 when its shares crashed after the dotcom bubble burst.
The move was astute as Rea is now one of the biggest companies on the Australian Stock Exchange with a valuation of more than £13billion.
Rightmove shares have climbed by more than a fifth since Rea’s initial approach.
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