TAL Daiichi Life Australia Pty Limited proposed acquisition of remaining shares in Challenger Limited

TAL Daiichi Life Australia Pty Limited (TDA), an Australian subsidiary of Daiichi Life Group, Inc., confirms that it has submitted a non-binding indicative proposal to the Board of Challenger Limited (ASX: CGF) regarding a potential acquisition of the remaining 79.5% of ordinary shares it does not already own in Challenger for A$11.80 per share via a scheme of arrangement.

No binding agreement has been reached. The proposal is non-binding and any transaction would be subject to, amongst other things, satisfactory exclusive due diligence, negotiation and agreement of final terms, and the receipt of all required regulatory approvals. TDA will make further announcements as and when there are material developments to disclose.