Direct Line accepts £3.6bn takeover after rival insurer Aviva raises bid
by Mark Sweney from on (#6SR2Z)
Preliminary agreement reached after third offer, which values Direct Line at 275p a share
The insurance company Direct Line has accepted an improved offer from its bigger UK rival Aviva, in a deal valuing the business at 3.6bn.
Aviva, the UK's largest insurer, has succeeded in reaching a preliminary agreement to take over Direct Line after submitting a third cash and shares bid valuing London-listed Direct Line at 275p a share.
Continue reading...