Direct Line Group has rejected Aviva’s offer for the business which it said was opportunistic and undervalued the company. The board voted unanimously against the proposal which comprised 112.5 pence in cash and 0.282 new Aviva shares for every Direct Line Group share. This equates to a total offer value of around £3.3bn.

Direct Line said it had received the unsolicited bid on 19th November which it then rejected on 26th November.