Ageas SA/NV confirmed that it is in the preliminary stages of considering a possible offer to acquire the entire issued and to be issued share capital of Direct Line. Under the terms of possible offer, Direct Line shareholders would receive: 100 pence in cash for each Direct Line share; and one newly issued Ageas share for every 25.24047 Direct Line shares. The possible offer has an implied value of 233 pence per Direct Line share. The possible offer values the entire issued and to be issued ordinary share capital of Direct Line at approximately 3.095 billion pounds.
On the basis of possible offer, Direct Line shareholders would, on completion of the transaction, own approximately 22% of the enlarged Ageas Group's issued share capital.
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