It was announced this morning that Rightmove's board has unanimously rejected a £5.6bn takeover by Australian portal owner REA Group.
The board argues that the proposal was “unsolicited” and too low, underestimating the value of the business. 
Unanimous
According to a Right Move statement: Received an “unsolicited, non-binding and highly conditional proposal” from the REA “Possible cash and stock offer”
“The board has carefully considered this proposal together with its financial advisers and has concluded that it is entirely opportunistic and fundamentally undervalues Rightmove and its future prospects.”
“Accordingly, the Board unanimously rejected the proposal on 10 September 2024. This announcement has been made without the consent or approval of the REA.”
A phenomenal rise
Earlier this month, REA and its CEO Owen Wilson (main pictured) The company has made a cash and stock offer for the UK's largest portal but has not held discussions with Rightmove or gone through any formal process.
Rightmove shares rose an astounding 27% in one day after news of the potential takeover deal broke.
REA is Australia's largest portal. It is owned by Rupert Murdoch's News Corporation.
