Daiichi Life unit makes indicative takeover offer for Australia’s Challenger

Reuters, via The Straits Times, reports that TAL Daiichi Life Australia has proposed buying the more than 79% of Challenger it does not already own. Its A$11.80-a-share offer is 19.8% above Challenger’s October 16 closing price. Challenger says its board is considering the indicative proposal, which is subject to conditions including due diligence.