Rightmove has rejected REA Group’s acquisition bid made earlier this week, which was valued at £6.1bn.

The property firm said the third bid, made earlier this week, was “unattractive and materially undervalues the company and its future prospects”.

The Australian property firm, REA, which is owned by Rupert Murdoch’s News Corp firm, has made two previous offers for the firm in order to “unlock value” for both firms, adding that it would enhance customer and consumer value across the newly created combined portfolio.

Furthermore, it said that the deal would "enhance the UK property experience for buyers, sellers and renters, positively contributing to the property market ecosystem".

The Guardian reported earlier this week that REA is valued at £12.8bn, which is more than News Corp, its controlling shareholder.

This prompted the activist investor, Starboard Value, to put pressure on the Murdoch-owned firm to sell REA to realise its value.

The rejection of the deal comes as REA said in a statement that it "still had no substantive engagement with Rightmove".

Furthermore, Rightmove reported that between 30 August and 24 September, REA’s share price has fallen by around 12%.

Investment director at AJ Bell, Russ Mould, said: "REA looks to be running out of patience with Rightmove after it rejected a third takeover proposal, banging the drum even louder that it’s bad form not to properly engage in a conversation. This sets the tone for REA taking a hostile approach, bypassing the board and negotiating directly with shareholders.

"Rightmove’s biggest investors are asset management firms and they will all have a price at which they’d be happy to let their shares go. Names like Kayne Anderson Rudnick, BlackRock and Lindsell Train won’t be emotionally attached to a business like Rightmove in the way a founder or company employee might be. They’re holding Rightmove stock to make money and it’s clear that REA continues to want the business.

"So far, the price is not right. These big shareholders know they are holding the best cards and they want a Brucie Bonus. REA really needs to think about its best and final offer and make that a formal bid, otherwise it will have to walk away."

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