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Rightmove has also tried to rebuff REA Group’s claims that it has not engaged properly with it, since its first takeover offer at the start of this month.
Rightmove accuses REA of taking an “incremental and iterative approach to price discovery”, having started off offering £5.6bn, and gradually increased it to the latest rejected bid of £6.2bn.
The Rightmove and REA teams have known one another for many years, and have had numerous interactions, including discussions around strategy and best practice as recently as June.
Rightmove has taken every phone call that REA has made since its interest was first made public, with a level of engagement which in Rightmove’s view is customary and appropriate in the context of an unsolicited and unilateral series of approaches, made to a UK listed company, where the possible offeror is taking an incremental and iterative approach to price discovery.
The Board has taken into consideration the views of its shareholders and also considered the representations from the Chair and management team of REA….
The Board has concluded that the Latest Proposal remains unattractive and continues to materially undervalue Rightmove and its future prospects and that the Board cannot recommend the Latest Proposal to Rightmove shareholders.
