REA Group Ltd (AU:REA) has released an update.
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REA Group Ltd has confirmed their non-binding indicative proposal to acquire Rightmove plc was rejected by Rightmove’s Board. The offer included a mix of cash and REA shares, valuing Rightmove at approximately £5.6 billion, a premium over recent trading prices. REA aims to create a global digital property company with strong cash generation and intends to seek a secondary listing on the London Stock Exchange.
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