Direct Line Insurance Group plc (DLG.L) confirmed that on 19 November 2024 it received an unsolicited, indicative and conditional cash and share proposal from Aviva to acquire the entire issued and to be issued share capital of Direct Line Group. The terms of the Proposal comprised 112.5 pence in cash and 0.282 new Aviva shares for every Direct Line Group share. The Proposal implied a value of 250 pence per Direct Line Group share. The Board considered the Proposal to not reflect the standalone value that can be delivered by Direct Line Insurance, and hence considered the possible offer highly opportunistic in nature. The Board unanimously rejected the Proposal on 26 November 2024.
Aviva is required, by not later than 5.00 p.m. on 25 December 2024, to either announce a firm intention to make an offer for Direct Line Insurance or announce that it does not intend to make an offer for the company.
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