Europe stocks higher; ASML up 3.7% on chip report; Remy Cointreau choppy as outlook disappoints

Shares of British insurance firm Direct Line jumped 39% in early deals, hitting their highest level since March, after it said a takeover offer from rival Aviva 'substantially undervalued' the company. Aviva announced Wednesday it had made a full acquisition bid for the company on Nov. 19, offering Direct Line shareholders 112.5 pence per Direct Line share in cash — a 59.7% premium on their closing price on Nov. 18 — and 0.282 new Aviva shares per Direct Line share.

Direct Line confirmed the unsolicited offer, and said its board had concluded it was 'highly opportunistic and substantially undervalued the company.' 'The Board has considerable conviction in the capabilities of our newly established leadership team and stands firmly behind their delivery of our strategy.

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