- has confirmed it received an unsolicited approach from ZPG which has been unanimously and unequivocally rejected by the board.

GoCompare confirmed that ZPG made an unsolicited approach on 8 Nov regarding a potential acquisition of the company for a consideration of 110p per share in a combination of cash and shares.

It said the proposal followed an initial unsolicited approach by ZPG on 26 May , which also valued GoCompare at 110p per share with the consideration wholly in ZPG shares.

This was unanimously and unequivocally rejected by the GoCompare board which believed that it fundamentally undervalued the business and its prospects.

GoCompare said that since May it had delivered H1-2017 results which were ahead of expectations.

GoCompare said the latest approach was also unanimously and unequivocally rejected by the board which believed it fundamentally undervalued GoCompare and did not reflect the strong ‎growth prospects of the company.

It said the proposal represented:

- a discount to the closing share price of 110.5p as recently as 11 October, less than one month prior to the proposal

- only a 16% premium to the closing price of 95.0p on 7 Nov, the day prior to receipt of the proposal

- only a 5% premium to the 3 month volume weighted average share price as at 7 Nov

At 8:39am: [LON:GOCO] Group Plc share price was +0.38p at 102.38p

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