Daiichi Life's Australian unit is bidding A$11.80 a share for Challenger, a 19.8% premium valuing the manager at A$7.94B. It already owns 20.36% and bought 15.1% from MS&AD in April 2025, so this is a

What happened: A unit of Japan's Daiichi Life made an indicative, non-binding proposal to buy the more than 79 per cent of Challenger it does not already own. Challenger's board said it is considering the offer. Key numbers: Offer is A$11.80 per share, valuing Challenger at A$7.94 billion ($5.53 billion), a 19.8 per cent premium to Friday's close. TAL Daiichi Life Australia holds 20.36 per cent. Why it matters: The proposal is subject to conditions including satisfactory completion of due diligence, and Daiichi Life said no decision has been made on proceeding with a binding transaction.

A unit of Japan's Daiichi Life made an indicative, non-binding proposal to buy the more than 79 per cent of Challenger it does not already own. Challenger's board said it is considering the offer.

The proposal is subject to conditions including satisfactory completion of due diligence, and Daiichi Life said no decision has been made on proceeding with a binding transaction.