Ontario Teachers’ Pension Plan, one of Canada's largest pension funds, admitted late last night that it had made an approach to buy moneysupermarket.com. Its proposal was rejected by the price comparison site.

The pension fund was forced to make a statement to the market after moneysupermarket.com revealed that Simon Nixon, founder, chief executive and 54 per cent shareholder in the website, had received an approach. The company subsequently rejected the proposal.

Ontario Teachers’ Pension Plan, which manages C$108 billion (£53.5 billion) in assets, said it has no current intention of making an offer for the company but could return with a bid in the next six months.

Shares in moneysupermarket.com soared 45 per cent yesterday when the company admitted the approach, before closing 22 per cent higher at 84.25p.

Today, however, its shares fell 5.34 per cent to 79.75p making moneysupermarket.com's stock worth 50.3 per cent less than its flotation price of 170p when it made its stock market debut a year ago.

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