Direct Line has seen off its Belgian suitor in a victory for its new boss.
Last night Ageas said it would not make another offer for the insurer after two snubbed attempts.
Direct Line said that its board was ‘confident in the group’s standalone prospects’.
The last takeover attempt from the Brussels-based insurer on March 13 valued Direct Line at 237p per share or £3.2billion. The insurer blasted the latest offer, labelling it ‘unattractive’.
It is a boost for chief executive Adam Winslow, who insisted the company he joined weeks ago had a ‘very successful future’.
Driven off: Ageas said it would not make another offer for Direct Line after two snubbed attempts
The news will also be a shot in the arm for the City after electricals retailer Currys also fought off foreign predators this month.
An increasing list – including Wincanton and All3Media – have also been targeted by international buyers. Earlier this month, Currys shareholder, JO Hambro Capital Management, said lowball bids for the retailer showed the ‘absurdity’ of UK stock market valuations.
