UK $15.5 Billion Insurance Group Aviva to Buy UK Direct Line Insurance for $4.65 Billion (£3.7 Billion) in All-Share-Deal to Create $21 Billion UK Insurance Giant
26th December 2024 | Hong Kong
UK insurance group Aviva ($15.5 billion market value) announced to buy UK Direct Line Insurance for $4.65 billion (£3.7 billion) in all-share-deal to create a $21 billion UK insurance giant. Earlier in 2024 December, Aviva ($16 billion market value) announced a preliminary agreement buy UK Direct Line Insurance for $4.6 billion (£3.61 billion) in all-share-deal to create a $21 billion UK insurance giant. The new improved offer represents a +73.3% premium to Direct Line closing price on 27th November 2024. Earlier, UK insurance group Aviva ($16 billion market value) $4.1 billion (£3.3 billion) offer to buy UK Direct Line Insurance had been rejected for substantially undervaluing the company. Aviva had made a 250 pence per share offer at 60% premium in all-share-deal on 18th November 2024. Aviva is required to make a buyout offer or drop the offer by 25th December 2024 under the UK takeover rules. Aviva (6/12/24): “Aviva and Direct Line announce that they have reached preliminary agreement on the financial terms of a potential acquisition of the entire share capital of Direct Line by Aviva (the “Proposal”).”
“ UK $15.5 Billion Insurance Group Aviva to Buy UK Direct Line Insurance for $4.65 Billion (£3.7 Billion) in All-Share-Deal to Create $21 Billion UK Insurance Giant “
UK $16 Billion Insurance Group Aviva to Buy UK Direct Line Insurance for $4.6 Billion (£3.61 Billion) in All-Share-Deal to Create $21 Billion UK Insurance Giant, New Improved Offer Represents +73.3% Premium to Direct Line Closing Price on 27th November 2024
12th December 2024 – UK insurance group Aviva ($16 billion market value) has announced a preliminary agreement buy UK Direct Line Insurance for $4.6 billion (£3.61 billion) in all-share-deal to create a $21 billion UK insurance giant. The new improved offer represents a +73.3% premium to Direct Line closing price on 27th November 2024. Earlier, UK insurance group Aviva ($16 billion market value) $4.1 billion (£3.3 billion) offer to buy UK Direct Line Insurance had been rejected for substantially undervaluing the company. Aviva had made a 250 pence per share offer at 60% premium in all-share-deal on 18th November 2024. Aviva is required to make a buyout offer or drop the offer by 25th December 2024 under the UK takeover rules. Aviva (6/12/24): “Aviva and Direct Line announce that they have reached preliminary agreement on the financial terms of a potential acquisition of the entire share capital of Direct Line by Aviva (the “Proposal”).”
UK $16 Billion Insurance Group Aviva $4.1 Billion (£3.3 Billion) Offer to Buy UK Direct Line Insurance Rejected for Substantially Undervaluing the Company, Aviva Made 250 Pence Per Share Offer at 60% Premium in All-Share-Deal on 18th November 2024, Aviva Required to Make Buyout Offer or Drop Offer by 25th December 2024 under UK Takeover Rules
5th December 2024 – UK insurance group Aviva ($16 billion market value) $4.1 billion (£3.3 billion) offer to buy UK Direct Line Insurance has been rejected for substantially undervaluing the company. Aviva had made a 250 pence per share offer at 60% premium in all-share-deal on 18th November 2024. Aviva is required to make a buyout offer or drop the offer by 25th December 2024 under the UK takeover rules.
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