GoCompare spurns 460 million-pound offer by Zoopla-owner ZPG

Cornelia Mascio
Novembre 14, 2017

The 110 pence per share offer for Gocompare valued the company at about 460.16 million pounds ($606.22 million), a premium of 18.6 percent to the Gocompare's closing price on November 13, according to Reuters calculations.

Go Compare has rejected an unsolicited bid by Zoopla and USwitch owner ZPG to buy the price comparison website in a deal which would have valued the business at 110p per share.

It also confirmed that the board of ZPG was now currently considering its position.

ZPG said earlier Tuesday that it made an approach to GoCompare Group last Wednesday about possibly combining the two businesses, but said this was rejected.

ZPG's offer was lower than the 110.5 pence level at which GoCompare's shares closed on October 11 and came at just a 16 percent premium to the closing price on the day before the latest proposal was received, GoCompare said. It's market capitalisation is more than three times that of GoCompare, which was spun off by esure Group PLC previous year.

Sir Peter Wood, Go Compare chairman, commented: "The Board and I are extremely pleased with the transformation of the business that the management team has delivered since the demerger. ZPG's Proposal is highly opportunistic and fundamentally undervalues the company and its prospects". GoCompare ended up 10% at 102.00 pence, valuing it at GBP426.7 million.

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