Direct Line has said it plans to back a takeover move by rival insurance firm Aviva. The firms said they have reached an initial agreement over a cash-and-shares deal valuing Direct Line at £3.61 billion, or 275p per share. Aviva made the sweetened approach after seeing a £3.3 billion takeover tilt rebuffed last month. #aviva #directline
Category
🗞
NewsTranscript
00:00Hello, my name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.
00:06Here's some major breaking business news this morning.
00:09DirectLine said it plans to back a takeover move by the rival insurance firm Aviva.
00:15The firm said they've reached an initial agreement over a cash and shares deal,
00:20valuing DirectLine at £3.61 billion, or £275 per share.
00:27Aviva made the approach after seeing a £3.3 billion takeover offer rebuffed last month.
00:34It had said the previous £1050 per share proposal substantially undervalued the company.
00:40Some major breaking news this morning.
00:42DirectLine said it plans to back a takeover move by the rival insurance firm Aviva.