Australian insurer Challenger rejects Daiichi Life unit's takeover bid

What happened: Australian insurer Challenger rejected a takeover bid from a local subsidiary of Japan's Daiichi Life Group, saying it cannot recommend the offer price to shareholders. The board is willing to continue talks. Why it matters: The proposal has the potential to be Daiichi Life's largest single overseas acquisition, and the board's refusal to recommend the price leaves the deal unresolved while discussions continue.

Australian insurer Challenger rejected a takeover bid from a local subsidiary of Japan's Daiichi Life Group, saying it cannot recommend the offer price to shareholders. The board is willing to continue talks.

The proposal has the potential to be Daiichi Life's largest single overseas acquisition, and the board's refusal to recommend the price leaves the deal unresolved while discussions continue.