UK-based Direct Line Insurance coverage Group has turned down a buyout provide value £3.17bn ($4.05bn) from Belgian insurer Ageas, calling the proposal “extremely opportunistic”.

After session with its advisers, the Direct Line board concluded that the provide “considerably undervalues” the house and motor insurer and its future potential.

It additionally deemed the bid unsure and unattractive and unanimously rejected it.

This marks Ageas’ second buyout strategy for Direct Line and is sort of 3% larger than the preliminary £3.1bn bid.

Direct Line’s board acquired the most recent provide from Ageas on 9 March for the acquisition of all issued and to-be-issued shares.

The provide included 120p in money and one new Ageas share for each 28.41107 Direct Line Group shares, implying a worth of 233p per Direct Line share.

This was larger than the sooner proposal of 100p and an Ageas share for each 25.24047 Direct Line shares.

In a press assertion, Direct Line Group stated: “The board is assured in Direct Line Group’s standalone prospects. Direct Line Group will launch its 2023 preliminary outcomes on Thursday 21 March 2024 and also will then present an replace on additional initiatives to construct on the operational enhancements applied throughout 2023.

“There could be no certainty that any agency provide might be made and, save as set out in Ageas’ announcement dated 28 February 2024, there could be no certainty of the phrases on which a suggestion could also be made.”

In November final 12 months, Direct Line obtained an Institute of Motor Trade accreditation, enabling its certified trainers to design and ship licensed coaching programmes in-house.

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