REA’s latest cash-and-shares offer, its third, was equivalent to an offer price of 759p based on REA's closing price on Tuesday, equal to around £5.9bn.

This is a 37% premium to Rightmove’s share price on 30 August, the day before the first offer.

However, as Rightmove pointed out in a statement on Wednesday, since that time REA’s own share price has dropped by 12%, essentially bringing the offer price down.

"The board considered the increased proposal, together with its financial advisers, and concluded that the increased proposal continues to be unattractive and materially undervalues the company and its future prospects," Rightmove said.

"Accordingly, the board unanimously rejected the increased proposal on 24 September 2024," the company said, adding that shareholders should not to take any action in respect of the latest offer.

Following last Friday's offer, AJ Bell investment director Russ Mould said the price wasn't generous enough, and that shareholders are "more likely to sit up and show interest if the bid starts with an eight, not a seven".

Mould said: "Pouncing on the business after a lacklustre period for the share price, there was always the chance REA was simply trying its luck while the target was going through a tough period. That no longer appears to be the case. This looks like a serious pursuit, albeit one where the bidder’s idea of fair value still doesn’t align with shareholders’ expectations."