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28 November 2024Insurance

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.

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