Ageas makes another offer for Direct Line

After making an offer that was rejected to acquire Direct Line’s UK business, the Belgian insurer has submitted an “improved possible offer” to the board of directors of Direct Line to acquire the entire issued and to be issued share capital of the company.

The new offer values the UK company at approximately £3.17 billion – a 3% increase from the original offer.

Direct Line issued their own statement today, stating that this new proposal is uncertain, unattractive, and significantly undervalues Direct Line Group, which led the board to reject the offer.

Ageas said that it would continue to engage with the Direct Line board ahead of a March 27 deadline.