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 this year.

By Raechel Thankam Job, Carolyn Cohn and Anousha Sakoui LONDON (Reuters) -Direct Line shares soared 41% on Thursday after it rejected a 3.28 billion pound ($4.15 billion) takeover bid from rival Aviva,

Direct Line topped gains on the FTSE 250 mid-cap index, while Aviva's shares fell around 3 per cent to be the top percentage loser on the blue-chip FTSE 100 index.