(Bloomberg) -- Direct Line Insurance Group Plc said it had rejected a second takeover offer from Ageas, as the UK firm’s board reiterated its opposition to the approach.

The Belgian insurer increased its offer by about 3% in a March 9 proposal, Direct Line said in a statement Wednesday. The latest offer comprises 120 pence in cash and one new Ageas share for every 28.41107 Direct Line Group shares. 

That would value Direct Line at about £3.2 billion ($4.1 billion), Ageas said in a separate release. That’s a 46% premium to its closing price before the first bid was disclosed in a Feb. 28 Bloomberg News report.

Direct Line’s board said the latest proposal is “uncertain, unattractive, and that it significantly undervalues Direct Line Group and its future prospects while also being highly opportunistic in nature.”

Ageas said that it would continue to engage with the Direct Line board ahead of a March 27 deadline.

Shares in Direct Line fell as much as 8.7% in London, with Jefferies analyst James Pearse saying the prospects of an offer reaching his expectation of 270 pence to 300 pence a share are now receding.

Read More: Direct Line Rejects ‘Unattractive’ £3 Billion Bid From Ageas

A successful bid by Ageas would add to a list of UK insurers bought by overseas acquirers in recent years. In 2020, a consortium led by Intact bought UK insurer RSA. One year later Finnish insurer Sampo bought home and motor insurer Hastings. 

Ageas houses insurance assets previously owned by Fortis, the Belgian financial services giant bailed out during the 2008 financial crisis. Led by Chief Executive Officer Hans De Cuyper, It offers property and casualty and life insurance in countries including Belgium, France and Portugal. 

(Adds shares, details from Ageas statement)

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