It’s looking as though Japan’s Daiichi Life will need to markedly ratchet up its offer for Challenger if it wants to extract the annuities group from the ASX boards and win over rusted-on investors.
Challenger shareholders canvassed by this column suggest the suitor’s indicative bid needs to climb to at least $13 per share, or $8.7 billion, from the current $11.80, to satisfy investor expectations and create enough momentum to take the company private. That’s a meaningful bump, and suggests the acquisition dance has a way to play out.
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