Shares in GoCompare plunge amid fresh takeover development

The owners of uSwitch have called off their bid for Gocompare.

ZPG, owner of property website Zoopla and uSwitch, have confirmed it will not be going ahead with any bid.

As reported in Insurance Times, Zoopla had attempted a £460m bid which was rejected by GoCompare.

The abandoning of the bid saw the share price fall from 107.75 on Thursday to 100.25 today, nearly a 7% fall.

Although ZPG did not reveal the thinking behind the bid, it could have used GoCompare to bolster general insurance products on its site and transfer more non-insurance products onto GoCompare. 

GoCompare was spun off from Esure earlier this year. Esure founder Peter Wood called the ZPG bid ‘highly opportunistic’ and said it undervaluled the business.