(Refiles to remove repeated material in original second paragraph)
Oct 19 (Reuters) – A unit of Japan’s Daiichi Life submitted an indicative proposal to Australian investment manager Challenger to buy the more than 79% of Challenger shares it does not already own, Challenger said on Monday, valuing the company at A$7.94 billion ($5.53 billion).
Under the proposal, the Japanese insurer is offering A$11.80 apiece, representing a premium of 19.8% from Challenger’s last close on Friday.
The unit, TAL Daiichi Life Australia Pty, holds 20.36% of the Australian investment manager, according to LSEG. The takeover proposal is subject to a number of conditions including satisfactory completion of due diligence, Challenger stated.
“The Board of Challenger is considering the indicative offer,” the Australian firm added in its statement.
($1 = 1.4360 Australian dollars)
(Reporting by Shivangi Lahiri in Bengaluru; Editing by Edmund Klamann and Cynthia Osterman)
Brought to you by www.srnnews.com
SRN News — View the original story at SRNNews.com.
