Shares in two UK takeover targets, car insurer Direct Line and waste management firm Renewi, surged by over 40% following an acquisition announcement by Macquarie.
Renewi's shares skyrocketed by 45%, reaching 803p, after Macquarie's preliminary agreement to acquire the firm for £700m, marking a significant event in the London-listed firms' sector.
In the competitive landscape, Aviva's indicative offer of £3.3bn for Direct Line was rebuffed, leading to speculation that a higher bid may be necessary to finalize the acquisition.
Analysts suggest that Aviva's current offer for Direct Line, priced at 250p per share, may need to be increased to 265p or even 300p to secure a deal.
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