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2 clusters · 12 sources · 8 days · First seen 14 days ago · Last updated 7 days ago

Daiichi Life takeover bid for Challenger Limited

Overview

TAL Daiichi Life Australia, a subsidiary of the Japanese Daiichi Life Group, issued a non-binding, indicative takeover proposal to acquire the remaining 79.5% of Challenger Limited shares. The offer valued the Australian investment management firm at approximately A$7.94 billion, based on a price of A$11.80 per share.

Challenger’s board subsequently rejected the proposal, stating that the offer “undervalues the business.” The board noted that the company’s shares had traded at A$11.92 per share on October 23. While rejecting the bid, Challenger reaffirmed its relationship with TAL Daiichi Life as its largest shareholder and expressed openness to further discussions to reach a proposal that better reflects the company’s value.

Entities

TAL Daiichi Life Australia · Australian Securities Exchange · ASX · Challenger Limited · Challenger

Timeline

7 days ago

[BUSINESS] 5 sources
Challenger rejects takeover offer from TAL Daiichi Life Australia
Challenger Ltd has rejected an $11.80 per share takeover bid from TAL Daiichi Life Australia, claiming the offer undervalues the company while remaining open to further negotiations.
14 days ago

[BUSINESS] 9 sources
Challenger receives A$7.9bn takeover bid from Japan's Daiichi Life
Japanese insurer Daiichi Life has made a non-binding A$11.80-per-share bid to acquire the remaining 79.5% of Australian wealth manager Challenger, valuing the firm at approximately A$7.94 billion.

Sources

ad-hoc-news.de · ebnewsdaily.co.za · finnewsnetwork.com.au · fool.com.au · ibtimes.com.au · insuranceasia.com · insurtechinsights.com · japantimes.co.jp · mingtiandi.com · moneymanagement.com.au · nouvelles-du-monde.com · raskmedia.com.au