CANBERA (dpa-AFX) - The Board of Rightmove has unanimously rejected the Latest Proposal from REA Group. The Board has concluded that the Latest Proposal remains unattractive and continues to materially undervalue Rightmove and its future prospects.
Rightmove received the proposal on 27 September 2024, under which, shareholders of Rightmove would receive, for each Rightmove share: 346 pence in cash and 0.0417 new REA shares, which implied an offer value of 780 pence, and a dividend of 6 pence in cash.
Also, the Board of Rightmove has declined requests from REA to grant due diligence access as none of REA's proposals received to date has been at a sufficient level to grant such access.
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