REA Group Ltd. sweetened its offer for UK property portal Rightmove Plc to £6.1 billion ($8.1 billion) after earlier bids were rejected.

REA Group said it was "genuinely disappointed at the lack of engagement" by Rightmove as it upped the amount of money on offer and said it had improved the terms for current shareholders.

By Scott Murdoch and Himanshi Akhand (Reuters) -Australian property listing firm REA Group made a third pitch to buy British rival Rightmove with a new 6.1 billion pound ($8.12 billion) offer on Monday after its two previous offers were rejected.

UK property portal Rightmove Plc has rejected an improved takeover offer from REA Group Ltd., according to people familiar with the matter.

Australia’s largest property listings group REA, which is majority owned by Rupert Murdoch’s News Corp, has launched a third bid for UK rival Rightmove, valuing it at £6.1bn. REA made the cash-and-shares offer on Sunday based on a price of 770 pence a share,

REA up its offer for Rightmove a second time to £6.1 bn - The REA board urged Rightmove shareholders “to encourage the board of directors of Rightmove to engage in constructive discussions.”

The property listings company is hoping it will be third time lucky. The post REA Group shares drop on new $11.9 billion Rightmove offer appeared first on The Motley Fool Australia.