Shares of GoCo Group PLC (LON: GOCO) soared as much as 26% on Wednesday after the company accepted the takeover bid from Future PLC worth 594 million pounds.
GoCo Group, which owns one of the most popular price comparison sites in the UK for financial services and products Gocompare.com, accepted a bid that values the company’s stock at 136 pence, which is a premium of 23.6% compared to yesterday’s closing price.
Future share price, on the other hand, fell 10% on news.
“The Future Board believes 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 in the statement.
“The Future Directors believe the Combination provides a truly unique opportunity to capitalise on the combination of Future's deep audience insight with GoCo Group's expertise in price comparison and the proprietary technology of both the Future Group and the GoCo Group of companies.”
GoCo share price printed 139.4p this morning on Future news to come close to 143p, a level that hosts the all-time high set in June 2018.
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