Direct Line rejects second “unattractive” takeover offer from Ageas

London Stock Exchange

Direct Line Group has rejected a second takeover proposal from Ageas labelling it uncertain, unattractive and highly opportunistic.

The board unanimously dismissed the proposals, made on 9 March, which significantly undervalued the business, DLG confirmed.

Ageas first reached out in February with a possible offer valuing DLG at £3.1bn.

In the latest proposals it upped the total by 3%, DLG stated.

The first enquiry had set a value per share of 231p with the subsequent one coming in at 237p per share, DLG listed.

RelatedAgeas weighs up £3.1bn Direct Line bid 

Ageas has confirmed a possible offer for Direct Line Insurance Group

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