Tokyo, Oct. 27 (Jiji Press)–Major Australian life insurer Challenger Ltd. has rejected an acquisition offer from a local subsidiary of Japanese peer Daiichi Life Group Inc. In a statement released Monday, Challenger said that the offer from TAL Daiichi Life Australia Pty Ltd. (TDA) “is not at a level it could recommend to shareholders.” Challenger plans to continue talks regarding the matter with the Daiichi Life side. The possible acquisition price based on the offer was estimated at around 700 billion yen. Daiichi Life currently owns an equity stake of about 20 pct in Challenger. TDA has submitted a nonbinding proposal to the Australian insurer for the Daiichi Life group’s full acquisition of the company. END [Copyright The Jiji Press, Ltd.]
