It did not rule out accepting a higher offer. Gocompare demerged from insurance group Esure last year, with its shares rising more than 40pc since it was spun out as a separate company. Sir Peter, who chairs Gocompare's board and founded the insurers Direct Line and Esure, said he was pleased with the transformation of the business and saw ZPG's offer as opportunistic. According to takeover rules, ZPG now has until December 12 to give the deal another try or walk away. It is unclear if the firm intends to return with a higher offer, simply telling investors on Tuesday that the board was now "considering its position".