Rightmove Rejects £5.6 Billion Takeover Bid from Murdoch's REA Group

Published: Sep 11, 2024 Duration: 00:03:17 Category: People & Blogs

Tags : news business business news qlm business news property investment Rupert Murdoch Rightmove REA Group UK property market property listing takeover bid real estate UK Rightmove rejection property market news Rupert Murdoch News Corp Rightmove takeover UK business update REA Group bid UK real estate UK economy news News Corporation real estate merger London Stock Exchange

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[Music] welcome to qlm business news here are today's news stories right move rejects 5.6 billion pound takeover bid from murdo's IIA group right move one of the UK's leading property listing websites has turned down a 5.6 billion pound takeover offer from australian-based IA Group which is majority owned by rert Murdoch's news corporation the board of right move dismissed The Proposal as holy opportunistic and argued that it fundamentally undervalued the company's market position and future growth potential IA groups bid if accepted would have valued right move at more than a quarter above its share price as of the 30th of August giving right move shareholders a 18.6% stake in the merged company in response to the rejection Rea announced plans to seek a secondary listing of its shares in London hinting at a continued interest in expanding its presence in the UK property Market IA group statement described its ambition to build a global property business with strong profit margins and significant cash flow the acquisition of right move it claimed would enhance the UK property experience for buyers Sellers and renters and provide a positive boost to the property Market ecosystem right move's decision is a fresh setback for Murdoch's business Empire following the recent struggles of talk TV which was shut down earlier this year the rejection also coincides with news that hedge fund starboard value has filed a shareholder resolution aimed at reducing Murdoch's influence within news corporation The Proposal seeks to dismantle the structure that currently allows Murdoch to control 40% of news Corps voting power despite owning just 14% of its Equity rert Murdoch who stepped down as chairman of fox and News Corp in 2023 in favor of his son Lan retains a significant stake in Rea group having first invested in 2001 News Corp currently owns 61% of Ria's shares earlier this year News Corp also announced a multi-year partnership with artificial intelligence firm openai to integrate content from its media Outlets such as the Wall Street Journal New York Post and the times into AI platforms like chat GPT as it stands IA has until 5:00 p.m. on the 30th of September to revise its bid or walk away leaving the future of any potential merger uncertain this news story is brought to you by qlm business news your digital media channel visit qlm busws for more business news stories also follow us on Facebook X and YouTube to help qlm business news bring you more news stories like this please like share and subscribe [Applause] [Music]

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