StockMarketWire.com - Media platform Future said Go-compare owner GoCo had accepted its takeover offer that valued the latter at 136 pence a share.

Under the terms of the combination, GoCo shareholders would be entitled to receive 0.052497 Future shares and 33p in cash, representing a premium of about 23.6% per GoCo share based on the closing price of 110.0p per share on the day immediately prior to the announcement.

'We believe that the combination will significantly strengthen the Future group's proposition of seeking to address the growing consumer demand for informed and value driven purchasing decisions enabled by intent driven content,' Future said.

GoCo directors said they intended to recommend unanimously that their shareholders vote or procure votes to approve the scheme at a general meeting.

The deal was expected to close in the first quarter of 2021.

Future also provided an update on annual results, in which profit and revenue were bolstered by a jump in online growth.

For the year ended 30 September, pre-tax profit rose 309% to £52 million year-on-year as revenue increased 53% to £339.6 million.

The company grew its online audience by 56% to 281.8m.

The company proposed a final dividend of 1.6p per share for the year ended 30 September 2020.

Looking ahead, the company said it expected the positive trends including growing digital advertising spend and eCommerce growth seen in FY2020 were expected to continue in FY2021.











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