Aviva Said to Boost Direct Line Takeover Bid to £3.4 Billion
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Aviva Plc has increased its offer for Direct Line Insurance Group Plc to about £3.4 billion ($4.4 billion), days after its initial proposal to buy the UK motor insurer was rejected, people with knowledge of the matter said.
London-listed Aviva has made a fresh bid of about 261 pence per share as it seeks to convince Direct Line’s board to engage, the people said, asking not to be identified because the information is private. The new proposal is about 4% higher than Aviva’s initial cash and stock proposal of 250 pence per share last week, which was rejected by Direct Line.