GoCompare shuts down Zoopla's "highly opportunistic" takeover bid

Marco Green
November 15, 2017

According to the statement, the announcement was made without the approval of ZPG.

ZPG proposed to buy the business for 110p-a-share in late May and tabled the same offer again last week, but Gocompare said the bid "fundamentally undervalues" the website. ZPG said it is now "considering its position".

Zoopla owner ZPG confirmed it has made an approach to Gocompare.com in relation to a combination of two businesses but that the approach 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.

ZPG owns property sites such as PrimeLocation and Zoopla, the home services switching specialist uSwitch and recently acquired Money.co.uk, the financial services comparison site.

Gocompare demerged from British insurer esure Group Plc in November previous year.

GoCompare said it has made "significant progress" since demerging, and on Tuesday reiterated its prospects for the full year and that current trading is in line with expectations.

"ZPG's proposal is highly opportunistic and fundamentally undervalues the company and its prospects", Sir Peter Wood, GoCompare's chairman, said of the approach, which was made on November 8. GoCompare ended up 10% at 102.00 pence, valuing it at GBP426.7 million.

Other reports by Click Lancashire

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