Direct Line shares surge 42% on rejection of Aviva’s $4.2 billion takeover offer - MarketWatch

1. Direct Line's shares rose over 40% after rejecting a £3.3 billion bid. 2. Aviva's non-binding proposal had a 59.7% premium on shares closing price. 3. Analysts anticipate a higher offer from Aviva post-rejection of Direct Line. 4. Direct Line's share volatility stems from significant losses since COVID-19. 5. Previous takeover offers from Ageas were also deemed 'opportunistic' by Direct Line.