Aviva offers £3.3bn cash & equity for Direct Line, gets quick rebuff

UK insurance group Aviva made a non-binding bid for 100% of rival Direct Line for roughly £3.28 billion, some 60% above market price, then took a quick cold shoulder from Direct Line which called the bid “highly opportunistic” at a price “substantially” undervaluing their firm, a seeming replay of a bid from Ageas earlier this year.