The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksDirect Line Share News (DLG)

Share Price Information for Direct Line (DLG)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 191.10
Bid: 191.20
Ask: 191.90
Change: 2.40 (1.27%)
Spread: 0.70 (0.366%)
Open: 189.70
High: 191.90
Low: 182.70
Prev. Close: 188.70
DLG Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Direct Line rejects £3.1bn takeover approach from Belgium's Ageas

Wed, 28th Feb 2024 15:19

(Sharecast News) - Direct Line confirmed on Wednesday that it had rejected a £3.1bn takeover approach from Belgium's Ageas, as it significantly undervalued the group.

The terms of the "highly conditional, non-binding indicative proposal" comprised 100p in cash and one new Ageas share for every 25.24 Direct Line shares. As at closing on Tuesday, this implies a value of 233p per share.

"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," the company said.

The proposal was unanimously rejected by the board 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," it said. "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."

Direct Line said there can be no certainty that any firm offer will be made.

In a statement earlier, Ageas said the proposed deal "offers a unique opportunity to unlock significant value and deliver accretion to Ageas' operational capital generation through the delivery of substantial operational and capital synergies".

"Based on Ageas' outside-in analysis undertaken to date, it sees potential to drive operational improvements and efficiencies through the sharing of best-practices and the removal of overlapping overhead costs after the integration of Ageas' and Direct Line's UK businesses," it said.

"In the medium term, the proposed transaction is expected to deliver a highly attractive return on the equity capital invested. The benefits from the proposed transaction are also expected to increase the enlarged group's financial and strategic flexibility, underpinning its progressive dividend ambitions."

At 1530 GMT, Direct Line shares were up 24% at 202.50p.

More News
Today 16:36

London close: Stocks rise further ahead of BoE decision

(Sharecast News) - London's stock markets closed with gains on Wednesday, bolstered by a dip in the value of the pound against both the dollar and the euro.

Read more
Today 13:56

UK's Wood Group rejects engineering firm Sidara's 1.4 bln pound bid

May 8 (Reuters) - British oilfield services and engineering firm John Wood Group rejected a potential 1.42 billion pound ($1.77 billion) buyout proposal from Dubai-based firm Sidara on Wednesday, saying it "undervalued Wood and its future prospects".

Read more
Today 10:01

IN BRIEF: Direct Line hails gross written premium growth

Direct Line Insurance Group PLC - Bromley-based insurance company - Says gross written premiums and associated fees in the first quarter of 22024 are up 15% to GBP892.2 million, from GBP805.7 million the year before. Says this was driven by strong growth in Motor, Home and Commercial. Chief Executive Officer Adam Winslow says: "We have seen a positive start to 2024 trading, with double-digit gross written premium growth in our Motor, Home and Commercial businesses and overall growth for ongoing operations of 15%. Claims trends and Motor margins continue to develop in line with our expectations."

Read more
Today 09:39

LONDON BROKER RATINGS: UBS raises Centrica to 'buy' from 'neutral

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and Tuesday:

Read more
Today 07:40

Direct Line Q1 premiums up on price hikes

(Sharecast News) - UK insurer Direct Line on Wednesday reported a large rise in first-quarter written premiums as it hammered consumers with price hikes.

Read more
2 May 2024 12:30

Direct Line revamps management with three new appointments

(Alliance News) - Direct Line Insurance Group PLC on Thursday announced several new appointments, which the company's chief executive officer hailed as "central to delivering our strategy to transform the group".

Read more
17 Apr 2024 09:33

LONDON BROKER RATINGS: BofA cuts Ashmore; JPMorgan lifts Fresnillo

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and Tuesday:

Read more
10 Apr 2024 15:00

London close: Stocks finish higher as US inflation tops forecasts

(Sharecast News) - London's stock markets closed positively on Wednesday, as investors processed a higher-than-anticipated inflation report from the US, while Tesco paced the gains following favourable results.

Read more
10 Apr 2024 08:51

LONDON MARKET OPEN: Stocks up ahead of US inflation data

(Alliance News) - European equities opened higher on Wednesday, as investors shook off nerves ahead of a key inflation reading from the US.

Read more
10 Apr 2024 08:25

Direct Line hires Aviva's Jane Poole as new finance chief

(Alliance News) - Direct Line Insurance Group PLC on Wednesday named Jane Poole as its new chief financial officer.

Read more
10 Apr 2024 07:47

LONDON BRIEFING: Stocks called up ahead of US inflation data

(Alliance News) - Stocks in London are called to open higher, as investors shake off nerves ahead of a key US inflation reading.

Read more
10 Apr 2024 07:30

Direct Line hires finance chief from rival Aviva

LONDON, April 10 (Reuters) - British insurer Direct Line has hired a new chief financial officer, it said on Wednesday, weeks after fending off takeover interest from Belgian rival Aegas.

Read more
10 Apr 2024 07:27

Direct Line replaces CFO with another Aviva exec

(Sharecast News) - Motor insurance group Direct Line has poached the head of finance from Aviva's general insurance unit to be its new chief financial officer, replacing its CFO of three years just weeks after a failed takeover offer from Ageas.

Read more
5 Apr 2024 09:33

LONDON BROKER RATINGS: RBC resumes Direct Line at 'sector perform'

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and Thursday:

Read more
5 Apr 2024 07:50

LONDON BRIEFING: Shell to book USD600 million first-quarter write-off

(Alliance News) - London's FTSE 100 is called to open lower on Friday, with hawkish remarks from Federal Reserve policymakers and fears of ratcheting Middle East tensions giving investors little to cheer about ahead of the latest US jobs data.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.