Dai-ichi Life Group proposed acquiring the 79.5% stake it does not currently hold in Australian asset manager Challenger. The offer totals A$6.3 billion (approximately ¥690 billion) and, if completed, would be Dai-ichi Life's largest acquisition to date.
Dai-ichi Life Group proposed acquiring all of the shares it does not currently hold in Australian asset manager Challenger. The proposal covers Challenger's 79.5% outstanding stake at A$11.80 per share and is non-binding. Challenger's total enterprise value is estimated at approximately A$7.9 billion.
The offer amounts to approximately A$6.3 billion (approximately ¥690 billion). The offer is for the stake Dai-ichi Life does not currently hold and represents a premium of approximately 20% to Challenger's closing share price at the end of the previous week. The proposal was made through TAL, a subsidiary in which Dai-ichi Life holds an investment.