ILC ARTICLE

DLG rejects initial Ageas approach


Direct Line Group has confirmed that it received an indicative acquisition proposal from Ageas, but rejected the proposal.

It said, “The board considered the proposal with its advisers and considered it to be uncertain, unattractive, and that it significantly undervalued Direct Line Group and its future prospects while also being highly opportunistic in nature. Accordingly, the board unanimously rejected the proposal on 29 January.

“The board is confident in Direct Line Group’s standalone prospects given its strong strategic position, powerful brands, and robust capital position. Adam Winslow will take up the role as CEO on 1 March. He is tasked with refreshing the strategy and operational focus of the Group with the clear objective of returning to a sustainable level of operating profit over time.

“A further announcement will be made as and when appropriate. There can be no certainty that any firm offer will be made.”

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