6 December 2024 - bid approach
We mentioned Direct Line last week, following the initial potential bid approach from Aviva, and suggested that the shares were a buy at 225p. This approach was rejected by the directors of Direct Line but we felt that it was unlikely that Aviva would simply walk away and that the chances were that the company would come back with a higher offer. This has indeed happened today with the companies reaching a preliminary agreement on the terms of a potential acquisition and these are 10% higher than the original proposal at 275p, Obviously as over . . .
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