Aviva and Direct Line Group have collectively introduced that they’ve reached preliminary settlement on the monetary phrases of a possible acquisition of the latter by the previous.
Based mostly on Aviva’s final closing share value earlier than the provide interval began, being 489.3 pence per Aviva share, the proposal represents complete consideration valued at 275 pence per Direct Line share, valuing the enterprise at £3.6bn.
DLG initially rejected Aviva’s £3.3bn bid final week, with consultants from Peel Hunt have including there was “scope to sweeten the bid to 260-265p”.
The up to date provide is comprised of:
129.7 pence per Direct Line share in money, funded via Aviva’s internally obtainable money
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