REA Group Makes Fourth Rightmove Takeover Bid Worth £6.2 billion

REA Group has made a fourth bid to take over the British portal operator Rightmove as time runs out for a deal to be agreed.

An REA statement released this morning to the ASX outlining its latest bid which has an implied offer price of 775 pence per share—valuing Rightmove at £6.2 billion. It also includes the provision of a special dividend of 6 pence per share which REA says brings the premium to Rightmove's volume-weighted average share price over the last twelve months.

The Australian portal operator is offering a "mix and match" option to Rightmove shareholders who it is now urging "to make their views known to the board".

The statement again bemoans Rightmove's refusal to engage in any dialogue beyond "cursory procedural telephone calls with the Rightmove Chairman" and calls for Rightmove's board to grant an extension of the 30th of September deadline.

In comments accompanying the release, REA Group CEO, Owen Wilson confirmed that his company had been bypassing Rightmove's board and meeting in private with its shareholders, raising the prospect of a hostile takeover.

"While the Rightmove Board has refused to meet us, we have enjoyed the opportunity to connect with Rightmove shareholders and to share our vision for the combination of the no. 1 digital property business in the Uk and Australia. We continue to see the potential for us to strengthen Rightmove and accelerate its growth. This is a compelling opportunity to create a true global technology leader on the London market via a secondary listing, operating in two of the most attractive markets in the world."