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A recent survey by the CBI has highlighted the fact that the UK economic slowdown is spreading to new areas of the economy. The professional services sector, which includes the likes of lawyers...
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Wednesday 23rd July 2008
News that Moneysupermarket.com, the leading UK financial online comparison site, has received a bid approach has seen the share jump by almost 50% to around 85p. While the bid approach has been rejected by 54% majority shareholder and Chief Executive Simon Nixon it seems that the company may well be in play after a very difficult period which has seen the share price fall dramatically.
The statement concerning the bid approach did not mention any names but the suspects in the frame include Google, Admiral and a host of companies from the private equity arena. Even though Moneysupermarket.com has had a difficult time of late with business falling off and competition growing in the sector, it is still a very cash rich company and one which would fit nicely into an array of investment portfolios – from the mighty Google to one of the media companies on the look out for new income streams.
Whether Moneysupermarket.com is sold in the end remains to be seen as Simon Nixon holds all of the aces with his 54% stake. Third party investors are unlikely to want to sell at anything below the 170p float price, something which seems a long way off at the moment. |
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