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The Guardian - UK

Business

Julia Kollewe

Boss of takeover target Direct Line wants time to turn around insurer

Direct Line Aviva Adam Winslow Ageas Peter Wood Churchill Insurance United Kingdom

Direct Line Group sign outside office in Leeds, England — Direct Line last week rejected a non-binding proposal from Aviva worth 250p a share.
Photograph: Robert Lazenby/Alamy

The Direct Line chief executive, Adam Winslow, has appealed to shareholders to give his team more time to turn around the struggling insurer, faced with an unsolicited £3.3bn offer from Aviva, while its bigger rival is trying hard to drum up support from investors for the takeover.

The two companies – the UK’s biggest insurer, Aviva, and the Churchill owner, Direct Line, known for motor cover and its red phone on wheels mascot – are facing off in a takeover tussle that has sent the Direct Line share price soaring, amid speculation that Aviva could raise its offer or launch a hostile bid, or face a counterbid.

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