Rupert Murdoch’s online property group, REA, which is owned by News Corp, has officially withdrawn from attempting to acquire Rightmove, citing a “lack of meaningful engagement” from the company’s board.
REA confirmed it will not pursue an offer following the rejection of its fourth takeover bid valued at £6.2 billion today.
The company reported that the first interaction between the chairmen of both companies occurred only this past Saturday, with a subsequent meeting on Sunday where “no presentation or any other information was provided.”
REA stated, “The absence of meaningful engagement and the continual lack of information from Rightmove hindered our ability to advance discussions and work towards a mutually recommended transaction within the allowed timeframe. All further contacts were merely cursory and procedural.”
REA’s CEO, Owen Wilson, commented, “In an era of increasing global competition, we reached out to Rightmove’s board because we firmly believed in the potential to establish a globally diversified leader in the digital property sector, benefiting shareholders of both REA and Rightmove.
We are disappointed by the minimal engagement from Rightmove, which obstructed our ability to present a definitive offer within the available timeline. They had nothing to lose by engaging with us more fully.”
