Bid Rejected by Moneysupermarket

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The shares of Moneysupermarket, a website operator in price comparisons, has jumped up after the firm announced that they had received an offer to a takeover. Moneysupermarket said that the unsolicited bid, that they haven’t identified, was rejected by Simon Nixon, the Chief Executive Officer and majority shareholder of the company. The shares of the company jumped by almost 50 percent directly following the announcement, and earlier during the session, the stake had shot up more than 10 percent. Moneysupermarket provides their services under their flagship brands of travelsupermarket.com and moneysupermarket.com, which allows their customers to compare the prices of holiday packages, credit cards, loans, and mortgages.

Earlier in July, the company’s shares dropped by more than 32 percent, following their announcement of a potential revenue blow of 7 million pounds because of First Plus, one of the largest loan providers in Britain, suspending new business. Their stock didn’t recover from that slump. The company said that the firm’s board noted the recent move in their share price and confirmed that an initial approach about a potential offer for Moneysupermarket was made to Simon Nixon, as he holds 54 percent of the company’s shares. The unsolicited offer didn’t have any indicative terms for an offer and Mr. Nixon has rejected it, the company said.

Moneysupermarket has watched the impact on their mortgage and loans division get worse during the year while lenders have tightened their criteria for loans. However, Moneysupermarket has enjoyed a saving and credit card growth. The Flintshire, North Wales-based company says that their money arm revenues, comprising of over half the turnover of the group, will deliver a growth of high single digits in comparison to last year during the same time.

Find out more about Moneysupermarket by going to www.moneysupermarket.com