Australia: Challenger rejects multibillion-dollar bid from largest shareholder
TAL Dai-ichi Life offered A$11.80 a share, valuing the company at about A$8.4 billion. The board says it cannot recommend the offer.
Graphic: TERRA WORLD NEWS (own graphic based on the sources listed)
Australian financial group Challenger has rejected a takeover offer from its largest shareholder TAL Dai-ichi Life Australia. The bid of A$11.80 a share for the roughly 80% TAL does not already own values the company at about A$8.4 billion, broadcaster ABC reported. The board said the offer was "not at a level it could recommend to shareholders" and that it intends to engage with TAL to seek a proposal it could recommend.
Other companies also made news on Monday: steelmaker BlueScope raised its first-half pre-tax profit guidance to nearly A$1.1 billion from A$860-960 million, and its shares rose 2.8%. At biotech group CSL, chair Brian McNamee will step down at the end of March; he will be succeeded by Gordon Naylor, who gives up his role as interim CEO. Deborah Waterhouse takes over as CEO in February.