Key facts
- Challenger rejected the takeover bid from Daiichi Life's subsidiary.
- The insurer stated the offer price was not sufficient for shareholders.
- Challenger remains open to further discussions.
Australian insurer Challenger has rejected a takeover bid from a subsidiary of Japan's Daiichi Life Group, citing an insufficient offer price. The company announced on Monday that it cannot recommend the proposal to its shareholders. Despite the rejection, Challenger indicated that it is open to continuing discussions with Daiichi Life. The potential deal represents Daiichi Life's largest single overseas acquisition.