Daiichi unit proposes A$7.9bn Challenger takeover

TAL Daiichi Life Australia, a Daiichi Life Group subsidiary, has proposed to acquire the remaining 79.5% of Challenger it does not already own at A$11.80 per share through a scheme of arrangement. TDA already holds about 20.5%. Reuters put the implied valuation at about A$7.94 billion. The price is a 17.7% premium to Challenger's one-month volume-weighted average price of A$10.03 and roughly 19.8% above the previous Friday's closing price. Challenger said it received the non-binding proposal after market close on 16 October 2026 and disclosed it on 19 October 2026 with its first-quarter update. The proposal is conditional on satisfactory due diligence, a scheme implementation agreement on acceptable terms, regulatory approvals and a board recommendation. Challenger's board has not recommended the offer and is considering it. The company said shareholders need take no action and that neither a binding offer nor a completed transaction is assured. MarketScreener quote data showed Challenger at A$11.56 around the announcement. In the same update, Challenger reported A$31.9 billion in assets under management, up 5%, and total sales of A$4.4 billion, up 52% year over year.