Ontario Teachers' Pension Plan, one of Canada's largest pension funds, admitted late last night that it had made an approach to buy moneysupermarket.com but its proposal was rejected by the price comparison site, The Times reports.
The pension fund was forced to make a statement to the market after moneysupermarket.com revealed that Simon Nixon, founder, chief executive and 54% shareholder in the website, had received an approach. The company subsequently rejected the proposal. Ontario Teachers’ Pension Plan, which manages C$108bn (£53.5bn) in assets, said it has no current intention of making an offer for the company but could return with a bid in the next six months. Shares in moneysupermarket.com soared 45% yesterday when the company admitted the approach, before closing 22% higher at 84.25p. HANK PAULSON,...
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