Australia's Challenger Gets Takeover Bid From Unit of Japan's Daiichi Life

3-line summary

• Australian investment manager Challenger announced Monday it received an indicative takeover offer of A$11.80 per share, a 19.8% premium over Friday's close, valuing the company at A$7.94 billion (US$5.53 billion); the offer comes from TAL Dai-ichi Life Australia Pty, a unit of Japanese insurer Dai-ichi Life, which already holds a 20.36% stake in Challenger per LSEG data, according to a Reuters report.
• The offer targets the more than 79% of Challenger shares the bidder does not already own; Challenger's board said it is considering the indicative offer.
• The proposal is conditional on satisfactory completion of due diligence and other conditions; the report did not give an expected timeline for completion or detail the strategic rationale.

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