Esure said it has received no approaches about a potential offer for the company.
The company was responding to takeover speculation that boosted its share price in morning trading.
Shares in the company rose 14% to 297 pence this morning after reports suggested an offer might be made for the company. Esure’s shares had slumped with the rest of the insurance sector after last week’s Brexit vote from 274 pence on 23 June.
Stock exchange rules oblige listed companies to respond to sharp moves their share prices, and to announce immediately when an offer approach is made.
At 12:45 pm, Esure shares we4re trading at 281 pence, up 8% on the day, valuing the company’s issued share capital at £1.17bn.
Esure said it is continuing the strategic review of Gocompare.com. Earlier this month it said it was reviewing the price comparison site it bought last year with a view to a possible disposal.
Private equity firm KKR is reported to be interested in bidding for Esure amid speculation that founder Peter Wood may be willing to sell his 30% shareholding.
Sky News said that Deutsche Bank, which is advising Esure on the possible demerger of Gocompare, has also been asked to assess takeover interest in the entire company, and that at least one overseas insurance company has hired financial advisers to work on a takeover bid.
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