Rupert Murdoch's REA Group has officially abandoned its £6.2 billion ($12 billion) bid for Rightmove after receiving a fourth rejection from the UK property giant.

Rightmove's chairman, Andrew Fisher, expressed confidence in the company's standalone future and emphasized its strong market position in the UK.

The Rightmove board deemed REA's latest proposal unattractive and stated it materially undervalued the company and its future prospects.

This fourth bid, which valued each Rightmove share at 780p, was also rejected, following three previous offers that were similarly dismissed.

Owen Wilson, CEO of REA, voiced disappointment over Rightmove's limited engagement, which hindered their ability to make a firm offer.

The rejection coincided with a deadline for REA to either submit a final offer or withdraw from the bidding process.

Despite the setback, REA plans to focus on other growth opportunities, including its success in the Indian market.

The competitive landscape in the UK property sector is intensifying, with rivals like Zoopla and CoStar increasing their market presence.

Rightmove continues to dominate the UK property market, controlling over 80% of online listings and generating significant revenue through estate agent subscriptions.

Following the announcement of REA's bid, Rightmove's shares fell by nearly 9% on the London Stock Exchange.

Since Rupert Murdoch's retirement and the sale of some media assets, REA Group has gained increased significance for News Corp.

REA Group has emphasized its disciplined approach to mergers and acquisitions, stating that its bid was contingent on agreeing to a fair price.