The Australian group majorityowned by Murdoch's News Corp announced that it had decided not to make a formal bid, hours after Rightmove's board rejected its £6.2bn proposal made on Friday.
REA told the City that it was withdrawing its possible offer, after failing to win over the UK property portal's board. In a statement to the stock market, it said it had sought to create a "global and diversified digital property company", with market-leading positions in Australia and the UK.
News Corp had hoped to bolt a successful property company on to its UK operations, and the strongly cash-generative Rightmove could have worked as a cash cow to support the Murdoch's media businesses.
However, Robert Thomson, the chief executive of News Corp, said the media group "strongly supports" the decision to withdraw.
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