Ageas SA/NV cancelled the acquisition of Direct Line Insurance Group plc.
The transaction remains subject to the satisfaction or waiver by Ageas of a number of pre-conditions, including, among others, completion of satisfactory due diligence by Ageas and reciprocal due diligence by Direct Line, receipt of irrevocable undertakings from each member of the Direct Line Board of Directors who holds Direct Line shares and Direct Line shareholders to vote in favor of the Improved Possible Offer, agreement of the detailed terms of the Improved Possible Offer and the unanimous and unqualified recommendation of the Board of Direct Line. Ageas reserves the right to waive in whole or in part any pre-conditions.
Jonathan Alpert, Geoff Iles, Marcus Jackson, Benjamin Ries and Sid Rishi of Merrill Lynch International acted as a financial advisor, Linklaters LLP acted as a legal advisor to ageas. Mark Sorrell, Charlie Lytle and Ashish Pokharna of Goldman Sachs International; Ben Grindley, Laurence Hopkins and Melissa Godoy of Morgan Stanley & Co. International plc, Oliver Hearsey, Elliot Thomas and Ezzedine Ben Frej of RBC Europe Limited acted as financial advisors to Direct line. Marie-Soazic Geffroy, Hubert Vannier, Derek Shakespeare, Inigo de Areilza, Charles Farquhar of Deutsche Bank AG, London Branch is acting as a financial adviser to Ageas. Simon Robey of Robey Warshaw LLP and Chetan Singh and James Robinson of J.P. Morgan Securities plc acted as financial advisor to Direct Line Insurance Group.
ageas SA/NV (ENXTBR:AGS) cancelled the acquisition of Direct Line Insurance Group plc (LSE:DLG) on March 13, 2024. Direct Line Insurance Board considered the Latest Proposal with its advisers and continues to believe the Latest Proposal is uncertain, unattractive, and that it significantly undervalues Direct Line Group and its future prospects while also being highly opportunistic in nature. Accordingly, the Board unanimously rejected the Latest Proposal. Direct Line Group shareholders are advised to take no action. As of March 22, 2024, Ageas SA announced that it will not make an offer for Direct Line after both of its previous offers rejected.