News Corp: REA Group raises its offer for Rightmove

(CercleFinance.com) - REA Group, News Corp's Australian subsidiary, has announced a new cash and share offer for Rightmove, for an implied value of 770 pence per share, valuing the UK property listings portal at £6.
1bn.

According to REA CEO Owen Wilson, this new proposal will offer immediate cash value certainty while giving Rightmove shareholders the opportunity to benefit from the future value creation of the combined business.

After the initial offer of 705 pence per share on 5 September, REA first raised it to 749 pence on 16 September, but Rightmove's board considered that this still fundamentally undervalued the group.


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