Proactive Investors - Rightmove PLC (LON:RMV) has rejected the third offer from Rupert Murdoch's REA Group, saying it "continues to be unattractive and materially undervalues the company and its future prospects".
Made up of 341p in cash and 0.0422 new REA shares per Rightmove share, the latest bid from the Australian property portal owner implied an offer value of 759p, Rightmove pointed out.
The value of REA's offer has been affected by its share price falling substantially, with the closing price last night of $189.99 down more than 13% from the 30 August date before the offer period began.
Rightmove said its board considered the new bid with its financial advisers, and it was unanimously rejected.
REA has a put-up-or-shut-up deadline of 5pm on 30 September to make a firm bid or walk away.