REA, which is majority-controlled by Rupert Murdoch’s News Corp, has until the end of September to make a formal offer or walk away under UK takeover rules. “Given the lack of communication between the two and the large equity component, we see the probability of deal completion as quite low,” Citigroup analysts wrote in a note on Wednesday.

Rightmove Plc rejected a third takeover proposal from REA Group Ltd., saying the bid that valued the UK property portal at £6.1 billion ($8.2 billion) continues to be unattractive. The Australian suitor said it was disappointed.

The Australian suitor, which is majority-owned by the tycoon’s News Corp group, tabled its third approach on Monday