From Yahoo Finance: 2025-04-09 12:47:00

Rupert Murdoch’s REA group has abandoned plans for a fresh bid on Rightmove due to market turmoil caused by Trump’s tariffs. The £6.2bn offer was rejected by Rightmove, claiming it undervalued the company. The decision reflects global market uncertainty impacting deals, like Prada’s takeover of Versace. Tariffs may benefit the UK housing market.

Murdoch’s attempt to diversify News Corp from media assets like The Times was hindered by failed deals, including the withdrawal of Move, Inc sale talks in 2023. Despite a 15% rise in REA’s share price, the renewed interest in Rightmove faced challenges amidst market volatility. Analysts suggest Rightmove should be valued at £7.7bn.

Read more: Murdoch abandons new bid for Rightmove over tariff chaos