UK's Direct Line soars after rejecting Aviva's takeover bid

Ageas SA/NV

28/11/2024 08:21

** Shares of UK's Direct Line Insurance  DLGD.L  surge 36.2%
to 216.2 pence, highest in nearly eight months
    ** Insurer on Wednesday rejected a takeover offer of 3.28
bln pounds ($4.15 bln) from bigger rival Aviva  AV.L 
    ** On Nov. 19, Aviva made a 250-pence-per-share offer, a
nearly 60% premium to stock's close a day earlier
    ** Aviva shares fall 2.2% to 478.7 pence
    ** In March, Direct Line also rejected a 239-pence-per-share
takeover bid from Belgian rival Ageas  AGES.BR , which was 4.6%
lower than Aviva's offer
    ** Still, DLGD shares have lost 12.8% YTD, while AV is up
12.6%

($1 = 0.7908 pounds)

 (Reporting by Shanima A in Bengaluru)
 ((shanima.a@thomsonreuters.com; (Direct: +91 72 5956 7774);))