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flag Aviva offers £3.3 billion for Direct Line, but the insurer rejects the "undervalued" bid.

flag Aviva, a major UK insurer, has made a £3.3 billion bid to acquire Direct Line, offering 250p per share, a 60% premium over Direct Line's recent share price. flag However, Direct Line's board rejected the offer, deeming it "highly opportunistic" and undervalued. flag Aviva now has until Christmas Day to decide on a formal bid or to withdraw. flag This bid comes after Direct Line already rejected a lower offer from Ageas earlier this year.

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