Direct Line accepts Aviva’s £3.7bn takeover offer
Direct Line has accepted Aviva’s improved offer to takeover the company this morning in a deal one analyst has described as a "bold move that could turn out to be a gift that keeps on giving".
Based on the closing price of Aviva Shares of 489.3 pence on 27 November 2024 (being the last closing share price before the commencement of the Offer Period), this values each Direct Line Share at 275 pence and values the entire diluted share capital of Direct Line at approximately £3.7bn.
This represents a premium of approximately 73.3 per cent to the Closing Price of 158.7 pence per Direct Line Share on 27 November 2024; and 49.7 per cent. to the six month volume weighted average price of 183
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insurer
Aviva-target DLG launches on Compare the Market
Aviva takeover target Direct Line Group has launched three new branded motor insurance products on Compare the Market, marking its entry on to price comparison websites.
People Moves: 16 – 20 December 2024
Keep up to date with the latest insurance industry personnel moves.
Ex-Das UK boss Coram departs for UK insurer CEO role
The ex-boss of Das UK, Tony Coram, has returned to former parent company Munich Re as CEO of its primary insurance business, Great Lakes (UK).
Review of the Year 2024: Flood Re’s Stuart Logue
Stuart Logue, interim CEO at Flood Re, reflects on its first Parliamentary drop-in sesson and the Flood Resilient Garden at the Chelsea Flower Show as well as sharing a prediction about Build Back Better.
Review of the Year 2024: Axa UK’s Paul Tombs and Matt Field
The Axa UK duo of Paul Tombs and Matt Field reflect on award wins; the fall-out of the Markerstudy-Atlanta deal and the success of its partnership with Liverpool FC.
Brokers urge Aviva not to let DLG deal dull service
Brokers have hailed the ongoing improvements at Aviva and called on the provider not to be knocked off course in the regional market should the Direct Line Group takeover complete as expected.
Ex-Criterion loss adjuster jailed for over four years for claims fraud
A loss adjuster who abused his position by submitting a series of fake insurance claims worth over £160,000, including using his wife’s name and that of his deceased father-in-law, has been jailed.
Allianz UK bolsters commercial digital trading team
Allianz UK has revealed a swathe of appointments and promotions in its commercial digital trading team with the investments including creating a dedicated expert digital distribution team for the first time.