Daiichi Life Bids for Challenger
Daiichi Life has offered to acquire the remaining stake in Australian investment manager Challenger for A$7.94 billion. Challenger shares surged following the announcement.
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DAI-ICHI LIFE HOLDINGS INC proposed acquiring the remaining stake in CHALLENGER LTD for A$7.94 billion ($5.53 billion) on Monday morning. The cash offer of A$11.80 per share represents a 19.8% premium over the Australia-based firm's Friday close. The transaction would expand the Japan-based insurer's footprint in wealth management.
