Direct Line suitor Ageas ends £3.1bn bid interest after being rebuffed twice

Belgium-headquartered Ageas has announced it will not make an offer for Direct Line after being rebuffed following two recent attempts to engage with the insurance group’s board.
The Direct Line Office in Leeds from Granary Wharfe at dusk.  Picture Bruce RollinsonThe Direct Line Office in Leeds from Granary Wharfe at dusk.  Picture Bruce Rollinson
The Direct Line Office in Leeds from Granary Wharfe at dusk. Picture Bruce Rollinson

In February, Ageas, a listed international insurance group with a heritage spanning 190 years, confirmed it was exploring the possibility of making a £3.1bn offer for Direct Line Insurance Group.

This proposal was rejected by Direct Line’s board as was another in March.

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After Ageas concluded its interest, the Direct Line board said it was confident in the group's standalone prospects.

The board believes under Adam Winslow's leadership the company is well-positioned to drive material improvement in performance that is expected to unlock significant value for Direct Line Group shareholders.

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