Direct Line rejects second bid from Ageas

direct line phone and mouse

Direct Line has rejected a second takeover approach from Belgium’s Ageas, with a spokesperson for the provider known it's red telephone on wheels mascot claiming it's rival continues to “significantly undervalue” the business.

Ageas’ revised offer valued Direct Line at £2.37 per share was a 3% increase on its previous approach to purchase the insurer, which implied a value of £2.33 per share, as at closing on 27 February.

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