UK - Admiral Group pulls plug on Confused.com sale

Motor insurance firm Admiral Group has rejected demands made by a number of private equity suitors bidding for its online arm, Confused.com. In a statement, the company said that private equity involvement would 'weaken the board's flexibility to determine the strategy of Confused and restrict the ability to maximise Confused's potential as part of the Admiral Group in the medium to long term.' It is understood that the number of board seats demanded by investors was the deal-breaker. Confused.com had been valued by prospective bidders at between £600m and £650m, a valuation in excess of analyst calculations.