The offer, which was tabled on Monday, would have seen REA Group acquire a majority stake in Rightmove, a move that would have sent shockwaves throughout the UK's property industry.
REA Group, which is majority-owned by Murdoch's News Corp, has been eager to expand its operations in the UK, with Rightmove seen as a prime target due to its dominant market position and vast user base.
However, despite its significant financial resources and influence, REA Group has failed to convince Rightmove's board of directors to accept its offer, highlighting the British company's determination to maintain its independence.
This latest rejection is likely to be seen as a significant setback for REA Group, which had been banking on the acquisition as a major coup in its efforts to expand its global footprint.
For Rightmove, the rejected takeover bid serves as a testament to its strength and resilience in the face of intense competition, and it will likely continue to operate as an independent entity, free from the influence of REA Group and News Corp.
As the dust settles on this failed takeover bid, it remains to be seen whether REA Group will return with another offer or whether Rightmove will remain forever out of its grasp.