UK car insurance news
27/07/2007
Admiral rejects offers for online car insurance comparison site
Recent speculation over the sale of Confused.com has been brought to a sudden halt as Admiral said that it had not accepted any offers for the online car insurance comparison site.
Admiral revealed that it had received offers from a number of sources in the region of £600m and £650m, but these did not match the £700m which Confused.com had been valued at.
Admiral also said that the private equity groups who had been interested wanted too much control over the online car insurance site - control that it was not willing to accede.
A spokesperson for the motor insurance firm said: "It is for these reasons that the board at present believes it is in our shareholders' best interests for the group to retain a 100 per cent interest in Confused.com and continue to follow our clearly defined growth strategy for the business."
It appears that the strategy has been working thus far, with Confused.com being the second most valuable price comparison site in the online car insurance market.
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