Dai-ichi Life's Australian subsidiary proposes acquisition of major life insurer Challenger at A$11.80 per share, non-binding

TAL Daiichi Life Australia has submitted a proposal to acquire the 79.5% stake in Challenger Limited that it does not currently hold at A$11.80 per share. The proposal is not legally binding.

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The story

TAL Daiichi Life Australia has submitted a proposal to acquire the 79.5% stake in Challenger Limited that it does not currently hold. The proposal is priced at A$11.80 per share and is intended to acquire all of the target shares. It is non-binding, and no formal agreement has been reached.

The move indicates that 第一ライフグループ's Australian subsidiary may substantially increase its stake in Challenger. The specific procedures and timetable for finalising the terms have not been disclosed.

At a glance

Reporting entityTAL Daiichi Life Australia（TDA）

TargetChallenger Limited

ConsiderationAcquisition at A$11.80 per share

Shareholding ratioPlans to acquire the remaining 79.5% not currently held

Binding forceNon-binding

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