iSelect makes off-market offer for Infochoice

Insurance comparison website operator iSelect has altered its approach in its bid to acquire listed rival Infochoice (ASX:ICH)

iSelect Limited has altered the terms of the $33.5 million takeover offer for fellow price comparison website operator Infochoice (ASX:ICH).

iSelect, which runs an insurance, home loans and broadband price comparison site, has made an off-market offer for all Infochoice shares.

Announcing the offer, iSelect said it is a superior proposal for Infochoice shareholders than the earlier capital reduction proposal at the same price, because it provides shareholders with a quicker path to exit.

The $0.7841 per share offer for financial product comparison site Infochoice is a 61% premium to the ICH trading price in the last 12 months.

iSelect first announced its intention to acquire Infochoice in May, as it revealed it was negotiating to buy the shares in the company held by major Infochoice shareholder Once Pty Ltd.

iSelect on Friday also revealed it had agreed to terms of a $35 million facility agreement with Goldman Sachs to fund the acquisition.

The company is currently trying to break out into offering price comparisons for new categories including banking and financial services, and views the Infochoice acquisition as a good way to achieve its goals.

ICH shares stayed flat on Friday at $0.485.

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Tags Mergers and acquisitionsiSelect

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