Decision comes after UK real estate portal turned down fourth offer from Australian property company

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The Rupert Murdoch-backed real estate company REA Group has abandoned its attempt to take over the website Rightmove after its fourth offer was rebuffed on Monday.

The Australian group majority owned by Murdoch’s News Corp announced on Monday that it had decided not to make a formal bid, hours after Rightmove’s board rejected its £6.2bn proposal made on Friday.