The feisty folk at realestate.com.au aren’t troubled by tweaking the nose of Rupert Murdoch.
They’ve just managed to screw another 50c a share or 25% more out of the Rupester’s local troops in News’s desperate bid to take control of the online real estate business. Here’s a report from Wednesday’s Australian.
Adding piquancy to the whole brawl over the price is that News owns 43% of realestate.com.au.
In takeovers, having a big, near-controlling shareholding doesn’t matter if management and other shareholders aren’t onside.
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The trouble is Rupe and his local lads, in their mad desperate haste for all things online, tried to be too clever and pitched the opening price of $2 far too low for the liking of the management and founders.
Realestate.com.au shares traded at $1.68 just before that opening bid was revealed: so that’s a handy profit.
News Ltd’s local chairman, John Hartigan, says it won’t be increased. But the fate of the offer will be up to a couple of real estate agents, who control just over 15%.