LONDON — Rupert Murdoch's Australian property firm REA Group said Monday it would no longer seek to buy the U.K.'s Rightmove after the property portal rejected a fourth takeover proposal.
REA said it maintains a "disciplined approach" to mergers and acquisitions and that it's bid for Rightmove was dependent on coming to an agreement at a "fair price."
"We were disappointed with the limited engagement from Rightmove that impeded our ability to make a firm offer within the timetable available. They had nothing to lose by engaging with us," said REA's CEO Owen Wilson.
Shares of Rightmove traded 8.3% lower at 613p as of 3:15 p.m. London time. REA Group's latest offer implied a total offer value of 780p, based on the closing price of REA Group on Sept. 30, according to Rightmove.
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