- Group's board is confident about its prospects after noting that ZPG did not intend to make a further offer for the company.

Gocompare said the board believed it had an exciting future as an independent company with a focus on saving time and money for customers everywhere that in turn delivered attractive financial returns to all shareholders.

It said the board's confidence in GoCompare's outlook was underpinned by:

- Transformation agenda - significant investment in talent has driven innovation including accelerated software releases resulting in material improvements in conversion

- Brand leverage - 10 years of brand investment has created an iconic brand which delivers strong cut-through supporting growth through an improved marketing margin

- Significant market growth opportunity - GoCompare believes that the switching market has growth potential; independent research has identified a £2bn annual saving opportunity for those customers who have never switched

Chairman Sir Peter Wood said: 'The board believes that ZPG's proposals fundamentally undervalued GoCompare's prospects and therefore we unanimously and unequivocally rejected them.

'We strongly believe that GoCompare can deliver superior shareholder value as an independent company.

'We are all excited by GoCompare's continued evolution as an entrepreneurial, innovation-focused company with the ability to save people everywhere time and money.'

At 8:41am: [LON:GOCO] Group Plc share price was -2.5p at 98.75p

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