Challenger Q1 Sales, AUM Climb; To Consider A$11.80/shr Offer From Daiichi Life Unit; Shares Jump
(RTTNews) - Challenger Ltd. (CFIGF.PK, CGF.AX), an Australian provider of retirement income and investment management solutions, reported Monday higher net sales and Assets Under Management for the first quarter.
On October 19, a unit of Japan's Daiichi Life submitted an indicative takeover proposal to Australian investment manager Challenger, offering to buy the controlling stake it does not already own in the company. The proposal values Challenger at A$7.94 billion ($5.53 billion), representing a 19.8% premium over the company's last closing price on Friday.
TAL Daiichi Life Australia Pty, the Japanese insurer's subsidiary, currently holds a 20.36% stake in Challenger, according to LSEG. The offer, which is subject to various conditions including successful completion of due diligence, is currently under consideration by Challenger's board of directors.
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