.September 11, 2024 03:15:52 AM

UK property portal Rightmove has rejected a $7.3 billion acquisition offer from REA Group, backed by Rupert Murdoch, citing undervaluation of future growth potential.

Rightmove’s leadership believes the offer does not reflect the company’s market position and growth opportunities, signaling intent to stay independent.

REA Group’s interest in acquiring Rightmove aimed at expanding its global presence, but the rejection may lead to further negotiations or competing bids.

Investors are monitoring how the rejection impacts Rightmove’s stock value, with tools like Financial Modeling Prep’s Price Target Summary API providing insights.

The rejection could lead to increased valuation or alternative offers for Rightmove, while REA Group may consider other growth strategies in response.