The Australian consortium vying for Rightmove found itself in a state of uncertainty on Friday as the British real estate platform refrained from outright rejecting its fourth provisional offer made earlier that day.

Following several hours of deliberation, Rightmove released a statement indicating that it was evaluating the new offer from REA Group, which proposes a valuation of £6.2 billion for the FTSE 100 firm.

Prior to this, three offers had already been dismissed, deemed to be unattractive and undervaluing a leading property search entity in the UK.

The statement from Rightmove noted, “As it has done throughout this process, the board will consider the latest proposal alongside its financial advisers, and in the meantime, shareholders are urged to take no action.”

This period of consideration suggests that Andrew Fisher, Rightmove’s chairman, may spend the weekend gauging shareholder sentiment on whether to engage with REA and potentially allow them access to company financials. According to takeover regulations, REA is required to either submit a firm offer or withdraw by 5 PM on Monday unless Rightmove requests an extension.

REA Group, which counts News Corp—the publisher of The Times—as a majority stakeholder, expressed its belief that facilitating discussions with Rightmove’s board would be in the best interest of shareholders, emphasizing the importance of a collaborative approach towards a potential transaction.

Two institutional investors, Axa and GCQ, have encouraged Fisher to open negotiations with REA; however, Baillie Gifford, which holds a 3.9 percent stake, previously asserted that the distinct nature of Rightmove warrants a cautious approach to any sale.

Analysts from Peel Hunt and Panmure Gordon have voiced skepticism regarding REA’s latest offer, questioning whether it is substantial enough for discussions to commence.

REA’s amended bid includes a cash-and-shares proposal valued at 775p per share, representing a 17 percent premium over Rightmove’s closing price from Thursday and also suggests a 6p special dividend, bringing the total valuation to £6.2 billion. The terms have been adjusted to increase the cash component to 346p per share while reducing the stock offer to 0.0417 shares of new REA stock.

There have been conflicting reports on prior engagements, with REA describing earlier discussions as merely “cursory procedural telephone calls.”

Jamie Forbes-Wilson, a fund manager at Axa, which is currently decreasing its stake in Rightmove, commented on the situation following the third indicative offer, saying, “While it seems a bit opportunistic for REA to approach at this time, it also reflects their recognition of Rightmove as a high-quality business.”

Despite the ongoing discussions, notable shareholders such as Lindsell Train and Generation Investment Management, co-founded by former US Vice President Al Gore, have remained silent on the matter.

Rightmove’s stock has faced challenges in recent years, primarily due to mounting competition from CoStar, a major American player that purchased OnTheMarket, a competing property platform.

Rightmove shares were approximately 550p at the end of August, prior to REA’s interest becoming known. They experienced a slight dip in early trading but closed up 6.5p, or 1 percent, at 671.5p.

With an 86 percent share of the UK property search market, Rightmove enjoys significant profit margins — making 69p in profit for every £1 spent by estate agents and developers utilizing the platform, which currently hosts around 19,000 advertisers.

Owen Wilson, the chief executive of REA Group, indicated that despite Rightmove’s board declining to meet, they have engaged positively with Rightmove shareholders, sharing their strategic vision. He added, “We believe that engaging with us could strengthen Rightmove and support its growth trajectory.”

Abrdn, holding a 4.7 percent stake in Rightmove, has opted not to comment on the ongoing situation.