Economy

GoCompare rejects 'opportunistic' takeover bid by Zoopla owner

GoCompare rejects 'opportunistic' takeover bid by Zoopla owner”

The price comparison group said the proposal "fundamentally undervalues GoCompare and does not reflect the strong growth prospects of the company" and was rejected this month.

GoCompare said the most recent proposal by ZPG offered 110p per share in a combination of cash and shares, valuing the company at about £418m.

Speculation of a take-over bid began on Tuesday after news that ZPG had made an unsolicited approach regarding a potential acquisition of the company for a consideration of 110p per share.

It also confirmed that the board of ZPG was now currently considering its position. This represented a 16% premium to GoCompare's closing share price of 95p on 7 November. It's market capitalisation is more than three times that of GoCompare, which was spun off by esure Group PLC past year.

The aggregator, which completed a demerger from Esure a year ago, released a statement noting: "Go Compare Group confirms that on 8 November 2017 ZPG made an unsolicited approach regarding a potential acquisition of the Company for a consideration of 110p per Go Compare share in a combination of cash and shares".

Gocompare.com has snubbed a takeover bid from the owner of rival property portal Zoopla, with British insurance guru Sir Peter Wood calling the offer "highly opportunistic" and far too low.

ZPG shares closed up 0.5% on Tuesday at 338.0 pence, valuing the firm at GBP1.48 billion.



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