Australian property listing firm REA Group said on Wednesday that Britain's largest real estate portal Rightmove had rejected its 5.6 billion pounds ($7.32 billion) cash-and-stock takeover offer.
REA shares dropped 1.25% in early trade on Wednesday.
The offer consisted of 305 pence in cash and 0.0381 new REA shares and was non-binding and subject to due diligence.
REA said had a deal been completed, Rightmove shareholders would have owned about 18.6% of the combined group.
The cash component of the deal was due to be funded by debt and existing cash, REA said.
Persons:
REA, Rightmove, Entcho Raykovski, Raykovski
Organizations:
Rupert Murdoch's News Corp, Reuters, Jefferies, Australian, REA
Locations:
London