- £3bn January offer from Ageas rejected
- Belgian insurer offers expansion rationale but little to sway Direct Line shareholders
Direct Line (DLG) has rejected a £3bn buyout approach from Belgian insurer Ageas (BE:AGS). The proposal came in January but Ageas published details of its approach on Wednesday after a Bloomberg report, saying a combination would offer a "meaningful opportunity to unlock shareholder value through the delivery of significant operational and capital synergies".
Shareholders would have received 100p in cash and one Ageas share for every 25 Direct Line shares held.