Challenger board rejects Daiichi Life’s $4.4 billion takeover bid

Challenger’s board rejected a $4.4 billion indicative takeover bid from TAL Daiichi Life Australia because it could not recommend the price to shareholders, Bloomberg reports. The unit had offered A$11.80 a share for the remaining 79.5% of Challenger. The board intends to engage the bidder, but Challenger said there is no certainty a binding offer or transaction will result.