Slaughter and May is advising Direct Line Insurance Group plc (“Direct Line Group”) on a recommended cash and share offer by Aviva plc (“Aviva”) for the entire issued and to be issued share capital of Direct Line Group, to be effected by means of a court-sanctioned scheme of arrangement.
Under the terms of the offer, Direct Line Group shareholders will be entitled to receive: 0.2867 new Aviva shares, 129.7 pence in cash and up to 5 pence in the form of dividends to be paid prior to completion. The offer values Direct Line Group at approximately £3.7 billion and represents a premium of approximately 73.3% to Direct Line Group’s closing price prior to the start of the offer period and a 49.7% premium on a 6 month VWAP basis. The transaction is expected to complete in mid-2025.
Slaughter and May is working closely with Direct Line Group’s in-house Group legal team, led by Humphrey Tomlinson, General Counsel, and with the Company Secretariat team, led by Roger Clifton, Company Secretary.
Natasha Ewart-Smith / Trainee, Darren Yang / Trainee