Markets News
Stocks1 min read
Daiichi Life Unit Proposes A$7.94 Billion Challenger Takeover
The Japanese insurer’s Australian unit offered A$11.80 per share, a 19.8% premium to Challenger’s Friday closing price.
Key takeaways
- TAL Daiichi Life Australia proposed buying the more than 79% of Challenger it does not own.
- The A$11.80-per-share offer values Challenger at A$7.94 billion and is subject to conditions.
TAL Daiichi Life Australia has submitted an indicative proposal to buy the more than 79% of Challenger it does not own, valuing the Australian investment manager at A$7.94 billion.
The unit of Japan’s Daiichi Life offered A$11.80 per share, a 19.8% premium to Challenger’s last close on Friday. TAL Daiichi Life Australia holds a 20.36% stake, according to LSEG.
The proposal is subject to conditions, including satisfactory completion of due diligence. Challenger said its board is considering the indicative offer.
Further reading
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
