Go Compare rejects Zoopla-owner bid

Zoopla Property Group

Go Compare rejects Zoopla-owner bid

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.

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.

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GoCompare today shut down a takeover bid from Zoopla Property Group (ZPG), which it said was "highly opportunistic" and undervalued the company.

Since that earlier approach GoCompare has published half-year results that were "ahead of expectations", it added.

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According to the statement, the announcement was made without the approval of ZPG. The company posted a 1.7 percent rise in pre-tax profit to 14.7 million pounds for the six months to the end of June. The offer represented a 16 per cent premium on the closing price of the insurance comparison site the day before the proposal.

Shares in GoCompare jumped almost 10% on Tuesday after Sky News first reported the bid approach.

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ZPG, which is being advised by Credit Suisse and Jefferies, said it was "considering its position" and, under Britain's Takeover Code rules has until 5pm on December 12 to make a firm offer or walk away.

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