GoCompare

GoCompare board rejects offer by ZPG to buy company

ZPG has confirmed it has made an offer to buy insurance, mortgages and loans comparison site GoCompare.com but, after the deal was leaked yesterday, is now “considering its position”. Both ZPG, the parent company of Zoopla and PrimeLocation, and GoCompare have confirmed that ZPG made an unsolicited offer to buy the comparison website at £1.10 a share to be paid for in ZPG shares, valuing it at £460m. “This was unanimously and unequivocally rejected by the Board which believed that it fundamentally undervalued the business and its prospects,” a GoCompare statement says. “Since May, [we have] delivered H1-2017 results which were ahead of expectations.” GoCompare also says the offer, which was made last waeek, represented a discount on the value of the company based on its 11 October 2017 share price of £110.5p, although the offer was considerably higher than its later share price of 0.95p on 7th November. Opportunistic offer “ZPG’s Proposal is highly opportunistic and fundamentally undervalues the Company and its prospects,” says the comparison website’s Chairman Sir Peter Wood  (pictured, below). GoCompare only recently demerged from motor and home insurance specialist Esure after which, in November 2016, its share price stood at 74.5p valuing the company at…