Business
Statement re Confused.com
Statement re Confused.com.
About this update from Admiral Group Plc
[{"type":"text","content":"\n Admiral Group PLC\n12 July 2007\n\n\nAdmiral Group Plc today reports that it has ended discussions with potential\nprivate equity investors regarding its subsidiary price comparison business,\nConfused.com. After careful consideration of the offers made, the Board of\nAdmiral Group have decided to terminate this consultation process.\n\nIn response to interest shown, discussions were held with a number of private\nequity firms about the sale of a minority interest in the Confused business.\nPotential minority investors typically expressed an interest with an implied\nvaluation of the entire business in the range of £600m to £650m. However, the\ncorporate structure and governance demanded by minority investors was\nsignificantly more onerous than the Board had anticipated. The Board has\ntherefore concluded that this weakening in its flexibility to determine the\nstrategy of Confused would restrict the ability to maximise Confused's potential\nas part of the Admiral Group in the medium to long term.\n\nIt is for these reasons that the Board at present believes that it is in our\nshareholders' best interests for the Group to retain a 100% interest in Confused\nand to continue to follow our clearly defined growth strategy for the business.\nThat strategy is focused on maintaining Confused's strong market share of car\ninsurance price comparison; on maximising the value created for shareholders\nfrom that position; and on exploiting fully the potential for Confused derived\nfrom the growth of price comparison in other product areas.\n\nThe Group's interim results will be announced on Tuesday 4 September 2007.\n\n\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":1803,"tagName":"div"}]