Direct Line Insurance Group PLC has rejected a proposal from Ageas SA/NV to acquire the entire issued and to be issued share capital of the company. The proposal, received on 19 January 2024, was considered uncertain, unattractive, and significantly undervaluing Direct Line Group and its future prospects. The Board unanimously rejected the Proposal on 29 January 2024. The company is confident in its standalone prospects and has appointed Adam Winslow as the new CEO, who will focus on returning to a sustainable level of operating profit over time.
Direct Line Group shareholders are advised to take no action in relation to the possible offer, and a further announcement will be made as and when appropriate. The company has also stated that there can be no certainty that any firm offer will be made. Ageas is required to announce a firm intention to make an offer for the company by 27 March 2024, in accordance with Rule 2.6(a) of the Code. The announcement is not being made with the approval of Ageas.
Goldman Sachs International, Morgan Stanley & Co. International plc, and RBC Europe Limited are acting exclusively for Direct Line Group in connection with the possible offer. The release, publication, or distribution of the announcement may be restricted by law in certain jurisdictions.