Direct Line, on the other hand, is a troubled FTSE 250 insurer with a new-ish chief executive, Adam Winslow, whose turnaround plan has not been applauded wildly by the stock market.
Aviva's 250p-a-share, or £3.3bn, offer for Direct Line therefore looks to be the opening shot in a negotiation. The target's board spouted the standard form of words - a "substantial" undervaluation - but will also know there will be a price at which it will be obliged by its own shareholders to talk terms. This tussle looks to be about where that price lies. Within a 270-290p range, one suspects. Aviva starts as a heavy favourite to prevail.
This story is from the November 29, 2024 edition of The Guardian.
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This story is from the November 29, 2024 edition of The Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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