The British online property portal Rightmove has rejected an improved £6.1bn takeover proposal from the billionaire Rupert Murdoch’s REA Group, saying it undervalued the company. The Australian group said on Monday that it had made a third offer for the company, worth £6.1bn. But Rightmove said the increased proposal “continues to be unattractive and materially undervalues the company and its future prospects”. REA responded swiftly, saying it was “disappointed” by the latest rejection, and “frustrated” that the rejections aside, “REA has still had no substantive engagement with Rightmove”. Chinese stocks have rallied for a second day, fuelled by Beijing’s stimulus, while the rest of Asia is more mixed. The mainland China CSI 300 index rose by 1.68% after a 4.3% jump the day before, while Hong Kong’s Hang Sing added almost 1% after Tuesday’s 4.1% leap. Japan’s Nikkei slipped by 0.26%, while South Korea’s Kospi lost 1%. The People’s Bank of China launched a blitz of stimulus measures to support its economy, cutting the amount of cash banks must hold on their books, lowering several key interest rates and unveiling more support for the property market. The news lifted stocks around the world. On Wall Street, the S&P 500 celebrated its 41st record high yesterday. The agenda • 12pm BST: US MBA mortgage applications • 3pm BST: US new home sales for August We’ll be tracking all the main events throughout the day ...
We call the shots on all our stories. We’ve had our fair share of attacks and criticism. But one thing we’ve never been – and never will be – is controlled. Keep our journalism independent by supporting the Guardian.
You are receiving this email because you are a subscriber to Business Today. Guardian News & Media Limited - a member of Guardian Media Group PLC. Registered Office: Kings Place, 90 York Way, London, N1 9GU. Registered in England No. 908396
