R
upert Murdoch's REA Group made an unsuccessful $7.3 billion bid for Rightmove, the UK's leading real estate portal. Despite the cash-and-stock offer being deemed insufficient by Rightmove's board, REA could still revive the deal or appeal directly to shareholders. Rightmove's market cap stands at $7.1 billion as of last Tuesday. Under British law, REA has until September 30th to make a move on Rightmove. This acquisition would have marked REA's first foray into Europe, adding to its existing portfolio of brands in Australia, Asia, and North America, including Simpology in Australia, PropertyGuru in Asia, and Realtor.com in North America.

    Meanwhile, REA's rival CoStar Group has made its own move in Europe by acquiring Rightmove competitor OnTheMarket for $126 million. Last year, CoStar considered acquiring Move, Inc., Realtor.com's parent company, in a potential $3 billion deal that ultimately fell through by February. Both CoStar and Realtor.com are vying for market share in terms of monthly user visits, but Realtor.com's limited presence outside of North America presents an opportunity for global players to gain ground.