Direct Line Insurance Group has received a second conditional, non-binding indicative proposal from Ageas SA/NV to acquire the entire issued and to be issued share capital of the company. The proposal includes 120 pence in cash and one new Ageas share for every 28.41107 Direct Line Group shares, valuing the company at 237 pence per share. However, the Board unanimously rejected the proposal, deeming it uncertain, unattractive, and significantly undervaluing the company and its future prospects.

Direct Line Group remains confident in its standalone prospects and will release its 2023 preliminary results on March 21, 2024, providing an update on further initiatives to build on the operational improvements implemented during 2023. The company advises shareholders to take no action at this time, as there is no certainty that a firm offer will be made. Any offer for Direct Line Group is governed by the Code, and Ageas is required to announce a firm intention to make an offer for the company by March 27, 2024.

The implied value per Direct Line Group share in the Latest Proposal, as at closing on March 8, 2024, is based on the cash component of the proposal, the Ageas share price, and the Euro to Sterling exchange rate. The announcement also includes contact information for further inquiries.