The Australian property listing company REA Group announced on Wednesday that its £5.6 billion ($7.32 billion) cash-and-stock bid to take over Rightmove, Britain’s largest real estate portal, was rejected.
REA Group, which is 62% owned by Rupert Murdoch’s News Corp, reportedly did not provide a reason for Rightmove’s refusal of the offer.
Analysts have noted that Britain’s housing market is three times larger than Australia’s. A successful deal would have accelerated REA’s expansion into profitable international markets.