Speculation of a take-over bid began on Tuesday after news that ZPG had made an unsolicited approach regarding a potential acquisition of the company for a consideration of 110p per share.
ZPG valued GoCompare at 110p per share, more than £400m. ZPG said it is now "considering its position".
This was unanimously and unequivocally rejected by the board of Gocompare as they believed that it "fundamentally undervalued the business and its prospects".
ZPG's offer was lower than the 110.5 pence level at which GoCompare's shares closed on October 11 and came at just a 16 percent premium to the closing price on the day before the latest proposal was received, GoCompare said.
Flying vehicle company Terrafugia bought by China's Geely
Chris Jaran, former managing director for Bell Helicopter China, was also appointed as a board member and will take over as CEO. Terrafugia was founded in 2005 by five award-winning graduate engineers from the Massachusetts Institute of Technology.
Gocompare demerged from British insurer esure Group Plc in November previous year. The company also confirmed that it was trading in line with the board's prior expectations.
Gocompare.com has snubbed a takeover bid from the owner of rival property portal Zoopla, with British insurance guru Sir Peter Wood calling the offer "highly opportunistic" and far too low.
"The board and I are extremely pleased with the transformation of the business that the management team has delivered since the demerger".
ZPG shares closed up 0.5% on Tuesday at 338.0 pence, valuing the firm at GBP1.48 billion.
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