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Canadian pension fund eyes Moneysupermarket website
Jul 25 2008 by Alex Turner, Liverpool Daily Post
CANADIAN pension fund Ontario Teachers’ Pension Plan yesterday confirmed that it had made a “preliminary approach” for Deeside-based Money supermarket.com.
Shares in the price comparison website rose by nearly 50% on Wednesday as the firm issued a statement rejecting an approach from an undisclosed source.
The pension fund, which manages assets of £54bn, issued a statement at the request of the UK Takeover Panel con- firming the approach but said it “has no current intention of making an offer for Money- supermarket.com”.
However it reserved the right to make or part- icipate in an offer for the firm in the next six months.
Moneysupermarket. com was founded in 1999 by Simon Nixon, who still has a 54% stake in the business. It was floated last year but its shares are now trading at half of its 170p flotation price.
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