Go­Com­pare shrugs off takeover bid

Belfast Telegraph - - BUSINESS - BY KALYEENA MAKORTOFF

GO­COM­PARE has con­firmed that it “unan­i­mously and un­equiv­o­cally” re­jected an un­so­licited takeover of­fer by ZPG, the com­pany be­hind sites in­clud­ing uSwitch and Zoopla, ear­lier this month.

The price com­par­i­son group said the po­ten­tial deal “fun­da­men­tally un­der­val­ues Go­Com­pare and does not re­flect the strong growth prospects of the com­pany”.

It marks the lat­est un­so­licited ap­proach by ZPG this year, ac­cord­ing to Go­Com­pare, which said that it re­ceived an ini­tial of­fer that val­ued the com­pany at 110p per share back in May.

That pro­posal was also re­jected by Go­Com­pare’s board on grounds that it “un­der­val­ued the busi­ness and its prospects”.

Go­Com­pare said that the most re­cent pro­posal by ZPG of­fered 110p per share in a com­bi­na­tion of cash and shares. This rep­re­sented a 16% premium to the clos­ing share price of 95p on Novem­ber 7, and a 3% premium to the three-month vol­ume weighted av­er­age share price as of that date, which was one day be­fore the pro­posal was re­ceived.

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