(Bloomberg) -- UK property portal Rightmove Plc has rejected an improved takeover offer from REA Group Ltd., according to people familiar with the matter.
The UK firm views the sweetened bid of nearly 750 pence a share, or about £5.9 billion ($7.9 billion) in total, as undervaluing the company, the people said, asking not to be identified because the matter is private.
Rightmove shares have risen more than 20% since REA, part of media mogul Rupert Murdoch’s empire, made its first approach this month. The earlier bid, which valued Rightmove shares at about 705 pence a piece, was unanimously rejected.
Representatives from REA and Rightmove declined to comment. The Financial Times reported on REA’s improved offer Friday.
Rightmove enjoys the largest market share in the UK property portal market. A deal for the company would boost the scale of REA, which is the largest player in the Australian online real estate industry and has already expanded into other markets including India.
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