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Rightmove rejects REA Group’s sweetened takeover bid

UK property listings and services company Rightmove has said “no” for a second time to a new non-binding offer from News Corp’s REA Group (ASX:REA).

Media reports on Monday stated that Rightmove rejected the sweetened takeover bid from REA, which valued the company at around $11.5 billion.

The Financial Times reported that the new offer was made to Rightmove on Friday night, Sydney time.

In UK currency, the offer was raised by 6.4% to nearly £7.50 ($A14.68) a share, or about £5.9 billion.

The previous cash and REA share offer was worth around £7.05 and was made 12 days ago.

Rightmove shares fell more than 3% in London on Friday to £6.74, valuing the company at around £5.3 billion.

The £600 million difference represents a significant gap between the raised price and the higher market value.

REA has until the end of the month to make a formal offer for Rightmove or give up its pursuit of the company under UK takeover rules known informally as PUSU—“put up or shut up.”