Australia's Challenger gets takeover bid from unit of Japan's Daiichi Life

What happened: A unit of Japan's Daiichi Life submitted an indicative proposal to buy the more than 79 per cent of Challenger shares it does not already own, Challenger said. The unit, TAL Daiichi Life Australia Pty, holds 20.36 per cent of Challenger. Key numbers: Offer of A$11.80 per share, a 19.8 per cent premium to Friday's close. Values Challenger at A$7.94 billion ($5.53 billion). $1 = 1.4360 Australian dollars. Why it matters: The proposal is subject to conditions including satisfactory completion of due diligence, and Challenger's board said it is considering the indicative offer.

A unit of Japan's Daiichi Life submitted an indicative proposal to buy the more than 79 per cent of Challenger shares it does not already own, Challenger said. The unit, TAL Daiichi Life Australia Pty, holds 20.36 per cent of Challenger.

The proposal is subject to conditions including satisfactory completion of due diligence, and Challenger's board said it is considering the indicative offer.