Regional News

Shares in Gocompare plunge as Zoopla walks from takeover bid in UK stock exchange

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Shares in Gocompare.com have fallen sharply after the owner of rival property portal Zoopla called time on its interest in the website having had its last offer rejected.

Zoopla Property Group told investors that it will not be making another swoop for the price comparison site after its chairman Sir Peter Wood said the previous bid of 110p-a-share "fundamentally undervalued" the firm and was opportunistic.

The business, best-known for its catchy adverts featuring opera singer Wynne Evans, slammed the offer last week but did not rule out accepting a higher bid. Its shares fell as much as 10pc on Thursday afternoon.

Shortly after ZPG told the market it had lost interest in the talks, Gocompare insisted it had an exciting future as an independent company. It demerged from insurance group Esure last year, with its shares soaring since it was spun out as a separate company.

Sir Peter, who chairs Gocompare's board and founded the insurers Direct Line and Esure, reiterated that the original bid was too low and "therefore we unanimously and unequivocally rejected them".

 

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