Zoopla operator ZPG Plc has pretty much told GoCompare Group, the name behind the major insurance comparison website, to “take it or leave it” – announcing it won’t be pursuing the business after its unsolicited offer was turned down.
According to reports published by the London Stock Exchange, no further offer will come from ZPG, which cited a “disciplined approach” to capital allocation. ZPG, however, reserves the right to make an offer within the next six months – that is in the event it wins the favour of GoCompare’s board or another prospective buyer comes along.
The news brought GoCompare shares tumbling to 96.25 pence, closing down 0.4% on Thursday at 108.53 pence. ZPG’s offer, according to GoCompare, was around 110.0 pence per share.
“The board believes that ZPG’s proposals fundamentally undervalued GoCompare’s prospects and therefore we unanimously and unequivocally rejected them,” said GoCompare chairman Peter Wood, as quoted by
Alliance News. “We strongly believe that GoCompare can deliver superior shareholder value as an independent company.”
Meanwhile ZPG shares also closed down, at 348 pence.
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