Australia’s Challenger gets takeover bid from unit of Japan’s Daiichi Life
(Refiles to remove repeated material in original second paragraph)
Oct 19 : A unit of Japan’s Daiichi Life submitted an indicative proposal to Australian investment manager Challenger to buy the more than 79 per cent of Challenger shares it does not already own, Challenger said on Monday, valuing the company at A$7.94 billion ($5.53 billion).
Under the proposal, the Japanese insurer is offering A$11.80 apiece, representing a premium of 19.8 per cent from Challenger’s last close on Friday.
The unit, TAL Daiichi Life Australia Pty, holds 20.36 per cent of the Australian investment manager, according to LSEG. The takeover proposal is subject to a number of conditions including satisfactory completion of due diligence, Challenger stated.
“The Board of Challenger is considering the indicative offer,” the Australian firm added in its statement.
($1 = 1.4360 Australian dollars)
