The boards of Aviva (AV.L, AV) and Direct Line insurance (DLG.L) have reached agreement on the terms of a recommended cash and share offer for Direct Line. Each Direct Line shareholder will be entitled to receive: for each Direct Line share held: 0.2867 new Aviva shares; 129.7 pence in cash; and up to 5 pence in the form of dividend payments to be paid prior to completion. This values each Direct Line share at 275 pence and values the entire share capital of Direct Line at approximately 3.7 billion pounds.
Upon completion, it is expected that Aviva shareholders will own approximately 87.5 percent and Direct Line shareholders will own approximately 12.5 percent of the issued and to be issued share capital of Aviva.
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