Direct Line Insurance Group Plc rejects a £3.2bn takeover offer from Belgian rival Ageas.

Direct Line Insurance Group Plc has rejected a second takeover offer from Belgian rival Ageas, with the UK firm's board reiterating its opposition to the approach. Ageas increased its offer by about 3% in a March 9 proposal, valuing Direct Line at approximately £3.2 billion ($4.1 billion). Direct Line's board, however, stated that the latest proposal was uncertain, unattractive, and that it significantly undervalues Direct Line Group and its future prospects, while also being highly opportunistic in nature.