Japan's Daiichi Life Unit Bids A$7.94 Billion for Australia's Challenger
SYDNEY — TAL Daiichi Life Australia, a unit of Japan's Daiichi Life Holdings, has submitted an indicative proposal to buy the more than 79 percent of Australian investment manager Challenger that it does not already own, Challenger said, in a deal valuing the company at about A$7.94 billion (US$5.53 billion), according to Reuters.
The proposal offers A$11.80 per share, a premium of 19.8 percent to Challenger's closing price last Friday. TAL currently holds about 20.36 percent of Challenger. Challenger said the proposal is subject to a number of conditions, including satisfactory completion of due diligence, and that its board is considering the indicative offer.
Challenger, headquartered in Sydney, is one of Australia's leading providers of retirement-income and annuity products. The bid remains at the proposal stage, and whether it proceeds will depend on due diligence and the board's assessment.
Source: GSM · USA (original Chinese edition)
Photo: 澳大利亚Sydney中央商务区。照片：Wikimedia Commons（CC BY 4.0）。Sydney's central business district, Australia. Photo: Wikimedia Commons (CC BY 4.0).
