Direct Line Insurance has turned down a second takeover offer from Ageas, despite the UK firm's board maintaining its resistance to the bid. The new bid included 120p in cash and 28.41107 shares, representing a 3% increase in value. Direct Line Group will unveil its 2023 results on March 21, with Ageas having until March 27 to decide on a firm offer. Following the rejection, Direct Line's stock fell by 5.7% and Ageas' by 3%.
Direct Line suitor Ageas faces investor opposition to bid pursuit Read more 👇 https://t.co/wj5cqnfsib
Today in Bloomberg Deals: Private equity secondaries soar, EQT'S Galderma sets IPO terms and Direct Line rejects improved bid from Ageas https://t.co/rLlkJyq560
UK insurer Direct Line rejects Ageas' sweetened buyout proposal https://t.co/20s4pORnkd https://t.co/fy6G4HdluY
Direct Line rejected 2nd, higher offer from Agneas New bid 120p cash + 28.41107 shares (was 100p, 25.24047), but only 3% higher in value DLG to release 2023 results on 21-Mar Ageas has until 27-Mar to decide if making firm offer $DLG -5.7%, $AGS -3% https://t.co/NnI9TpX8vw https://t.co/Yh59yHlsUl
Direct Line Insurance says it rejected a second takeover offer from Ageas, as the UK firm’s board reiterated its opposition to the approach https://t.co/GGJu2iv6Es