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The Guardian - UK

Business

Julia Kollewe

Direct Line rejects Aviva takeover offer of £3.3bn

Aviva Direct Line Ageas United Kingdom

Direct Line has now rejected two takeover offers this year. Photograph: Dado Ruvić/Reuters

Direct Line has rejected a £3.3bn takeover offer from its bigger UK rival Aviva, the second time it has rebuffed a suitor this year.

Aviva, the UK’s largest insurer, said it offered 250p a share, made up of cash and Aviva shares, in a non-binding proposal on 19 November. This was rejected by Direct Line on Wednesday, which has declined to engage further with Aviva.

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