One investor in Aviva
The investor, which asked not to be named, made the comment to Reuters on Sunday following media reports that investors were unhappy after Aviva rejected the bid without consulting them.
We felt there were potential synergies in a deal of that nature, the shareholder said, without commenting further.
A banking source familiar with the insurance sector told Reuters on Friday that RSA had made an approach several weeks ago but that it was rejected as the price was inadequate.
The Sunday Times said some leading shareholders would call for a strategic review after Aviva failed to consult with investors.
The newspaper report said this could also include calls for the group to examine a break-up of the business between the general and life insurance arms.
The Sunday Telegraph newspaper quoted unnamed shareholders as saying the decision not to consult them risked souring relations.
An offer of this size for any part of the business should always be discussed with shareholders, one of the company's largest investors was quoted as saying, without being named.
I personally don't think that it is high enough, but that's not the point -- it's a lackluster move by the company not to consult with its largest investors, especially given the modest performance of its shares over the past few years.
A spokeswoman for Aviva declined to comment.
(Reporting by Kate Holton)