ZPG has pulled out of any possible acquisition of comparison website GoCompare.

It announced its withdrawal yesterday evening under the stock market’s ‘put up or shut up’ rules.

ZPG, which owns uSwitch, said “it does not intend to make a further offer for GoCompare”.

It added: “ZPG continues to take a disciplined approach to capital allocation to ensure that investments, including acquisitions, are made in the best interests of ZPG shareholders.”

Under the ‘put up or shut up’ rules, ZPG could make a new offer after six months, and yesterday’s announcement underlined that ZPG has reserved that right.

GoCompare had said that ZPG’s offer significantly undervalued it. The original takeover offer valued GoCompare at £460m.