Direct Line rejects £3.3bn takeover offer from rival insurer Aviva
The Guardian|November 28, 2024
Direct Line has rejected a £3.3bn takeover offer from its bigger UK rival Aviva, the second time it has rebuffed a suitor this year.
Julia Kollewe

Aviva, the UK's largest insurer, said it had offered 250p a share, made up of cash and Aviva shares, in a non-binding proposal on 19 November. This was rejected yesterday by Direct Line, which has declined to engage further with Aviva, according to the statement.

The announcement came after markets shut. Aviva's share price closed 1.6% higher at 489.5p, while Direct Line shares slipped by 0.2% to 158.7p. Its share price has fallen by 14% this year, giving the company a market value of £2.1bn. By contrast, Aviva's shares are nearly 13% higher, valuing it at £13.2bn.

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