Rupert Murdoch's REA Group ends pursuit of Rightmove

REA Group ended its $8.29bn (€7.4bn) takeover pursuit of UK real estate website Rightmove following the rejection of a fourth bid

Rightmove dropped 8% on Monday after Rupert Murdoch's REA Group dropped its pursuit of the UK property website. File picture: PA  

Shares in UK real estate website Rightmove dropped 8% on Monday after Rupert Murdoch’s REA Group ended its .29bn (€7.4bn) takeover pursuit following the rejection of a fourth bid.

Australian property listing firm REA’s decision to walk away from making a formal offer for Rightmove capped a month-long saga that saw the London-listed firm rebuff four proposals on valuation concerns.