Go Compare rejects Zoopla-owner bid

Singer Wynne Evans in a Go Compare advert

Image Gocompare is known for the fictional operatic star of its advertising campaigns Gio Compario

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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