RSA Gets $9.5 Billion Offer in Year’s Biggest U.K. Takeover

RSA Insurance Group Plc received a 7.2 billion-pound ($9.5 billion) takeover proposal from Canada’s Intact Financial Corp. and Danish insurer Tryg A/S, paving the way for the biggest acquisition of a U.K.-listed company this year.

The consortium is now conducting due diligence on the blue-chip British insurer after proposing a potential cash bid of 685 pence per share, RSA said in a statement late Thursday, confirming an earlier Bloomberg News report. The price represents a 49% premium to RSA’s last close before the announcement.

RSA is set to be broken up under the plan, with Intact keeping its Canadian ...