Australia's Challenger gets takeover bid from unit of Japan's Daiichi Life
The Japanese insurer TAL Daiichi Life Australia Pty has submitted an indicative takeover offer for Australian investment manager Challenger, valuing the company at A$7.94 billion ($5.53 billion). The proposal, made by the unit which holds 20.36 per cent of Challenger, offers A$11.80 per share, representing a 19.8 per cent premium over Challenger's last closing price on Friday. The deal is subject to various conditions, including successful completion of due diligence, and is currently under review by Challenger's board.
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