Direct Line looks set to be acquired by Aviva after the latter increased its bid for its fellow British insurance company. In a joint statement, the companies said they had reached a preliminary agreement on the terms of a takeover. Direct Line's board said it would recommend the deal to shareholders if Aviva made a formal offer. The new offer values Direct Line at 275 British pence per share, representing a more-than 73% premium to the closing price on Nov.
27 — the day before news of the initial bid became public. It represents a 10% increase from Aviva's initial offer of 250 pence per share in November, which was rejected. 'Direct Line shareholders would own approximately 12.5% of the issued and to be issued share capital of Aviva,' the companies said in a statement.
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