Rightmove rejects REA’s improved takeover bid

The news: Rightmove has rejected REA Group’s improved takeover bid, calling the offer “unattractive and materially undervaluing Rightmove”.

The numbers: On Monday, REA confirmed it had made an improved offer value of 770 pence for each Rightmove share, approximately £6.1 billion ($11.9 billion).

The context: REA said it was “disappointed” by the rejection and was “frustrated” that it still did not have any “substantive engagement” from Rightmove.

REA’s 'put up or shut up' deadline is 30 September for the takeover.