Murdoch owned REA Group abandons attempt to take over Rightmove UK

The Rupert Murdoch-backed real estate company REA Group has abandoned its attempt to take over the website Rightmove after its fourth offer was rebuffed on Monday.

The Australian group majority-owned by Murdoch’s News Corp announced that it had decided not to make a formal bid, hours after Rightmove’s board rejected its £6.2bn proposal made on Friday.

REA told the City it was withdrawing its possible offer, having failed to win over the UK property portal’s board.

In a statement to the London stock market, REA said it had sought to create a “global and diversified digital property company”, with market-leading positions in Australia and the UK.

News Corp had hoped to bolt a successful property company on to its UK operations and the strongly cash generative Rightmove could have worked as a cash cow to support the Murdoch’s media businesses.