November 14, 2017 / 5:06 PM / in a year

CORRECTED-Gocompare rejects takeover offer from property group ZPG

(Corrects second paragraph to read 460.16 million pounds instead of 418 million pounds)

Nov 14 (Reuters) - British property group ZPG Plc on Tuesday said it had made a merger approach to Group Plc which the price comparison website had rejected.

ZPG made the approach on Nov. 8 to combine the businesses. The 110 pence per share offer for Gocompare valued the company at about 460.16 million pounds ($606.22 million), a premium of 18.6 percent to the Gocompare’s closing price on Nov. 13, according to Reuters calculations.

Gocompare said in a statement ZPG’s all-share offer “fundamentally undervalued” the company’s prospects and its business, which enables consumers to shop around for financial, travel and utility services.

Price comparison websites operated by Gocompare and have become increasingly popular as consumers look to shop around for the most attractive deals on products and services.

Gocompare demerged from British insurer esure Group Plc in November last year. ($1 = 0.7621 pounds) ($1 = 0.7591 pounds) (Reporting by Sanjeeban Sarkar in Bengaluru. Editing by Jane Merriman)

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