Aviva, an insurance group, has annoyed its major shareholders by not disclosing the details about its RSA's bid worth £5bn for its general insurance business. The management of Aviva is facing criticism from its leading shareholders for concealing this fact.

The deal was turned down by the management of Aviva the last month, as the Company wanted to keep the amalgamated structure of both life and general insurance units. If the deal would have realized, it would have increased the RSA’s business by two-folds.

Expressing to The Sunday Telegraph, the shareholders told that by not revealing about the bid, the management team headed by Chief Executive, Andrew Moss contributed to the unpleasant relationships with its investors.

“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", said a major shareholder.

As told by the analysts, the offer made by RSA undervalued the general insurance business for Aviva. There is no news if the RSA would come with a greater offer. But, as per some sources, RSA is firm to partner with Aviva, which can yield the former £300m in cost synergies. Aviva generated £500m in operating profits during the first half of 2010.