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You can find the current article at its original source at https://www.theguardian.com/business/2017/nov/14/gocompare-rejects-opportunistic-takeover-bid-zoopla-owner-zpg
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| Version 1 | Version 2 |
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| GoCompare rejects 'opportunistic' takeover bid by Zoopla owner | GoCompare rejects 'opportunistic' takeover bid by Zoopla owner |
| (25 days later) | |
| GoCompare has rejected an unsolicited takeover offer by the owner of Zoopla and uSwitch valuing the business at nearly £420m. | GoCompare has rejected an unsolicited takeover offer by the owner of Zoopla and uSwitch valuing the business at nearly £420m. |
| The price comparison group said the proposal “fundamentally undervalues GoCompare and does not reflect the strong growth prospects of the company” and was rejected this month. | The price comparison group said the proposal “fundamentally undervalues GoCompare and does not reflect the strong growth prospects of the company” and was rejected this month. |
| It marks the latest unsolicited approach by ZPG this year, according to GoCompare, which said it received an initial offer that valued the company at 110p per share in May. | It marks the latest unsolicited approach by ZPG this year, according to GoCompare, which said it received an initial offer that valued the company at 110p per share in May. |
| That proposal was also rejected by GoCompare’s board on the grounds that it undervalued the business and its prospects. | That proposal was also rejected by GoCompare’s board on the grounds that it undervalued the business and its prospects. |
| GoCompare said the most recent proposal by ZPG offered 110p per share in a combination of cash and shares, valuing the company at about £418m. This represented a 16% premium to GoCompare’s closing share price of 95p on 7 November. | GoCompare said the most recent proposal by ZPG offered 110p per share in a combination of cash and shares, valuing the company at about £418m. This represented a 16% premium to GoCompare’s closing share price of 95p on 7 November. |
| But GoCompare said it also represented a discount to its closing share price of 110.5p on 11 October, which was less than one month before ZPG put forward its proposal. | But GoCompare said it also represented a discount to its closing share price of 110.5p on 11 October, which was less than one month before ZPG put forward its proposal. |
| GoCompare said it had made “significant progress” in the year since its separation from Esure Group, and that the board was confident about GoCompare’s full-year prospects. | GoCompare said it had made “significant progress” in the year since its separation from Esure Group, and that the board was confident about GoCompare’s full-year prospects. |
| The company’s share price closed at about 72p on its first day as a separately traded company in November, after the demerger from Esure. | The company’s share price closed at about 72p on its first day as a separately traded company in November, after the demerger from Esure. |
| The company’s chair, Sir Peter Wood, said: “ZPG’s proposal is highly opportunistic and fundamentally undervalues the company and its prospects.” | The company’s chair, Sir Peter Wood, said: “ZPG’s proposal is highly opportunistic and fundamentally undervalues the company and its prospects.” |
| GoCompare shares closed higher by nearly 10%, or 9.25p, at 102p on Tuesday. | GoCompare shares closed higher by nearly 10%, or 9.25p, at 102p on Tuesday. |