(Bloomberg) -- Direct Line Insurance Group Plc shares surged as much as 39% after the insurer rejected a £3.3 billion ($4.2 billion) takeover bid from Aviva Plc, the second suitor it’s rebuffed ...

The deal, which was first announced earlier this month, will see Direct Line shareholders receive 0.2867 new Aviva shares, 129.7 pence in cash and up to 5 pence in the form of a dividend, Aviva said.