Australia’s Challenger gets takeover bid from unit of Japan’s Daiichi Life

(Refiles to remove repeated material in original second paragraph) Oct 19 (Reuters) A unit ​of Japan s Daiichi Life ‌submitted an indicative proposal to Australian investment manager Challenger to buy the more than 79% ‌of ​Challenger shares ⁠it does not ⁠already own, Challenger said on Monday, valuing the company at A$7.94 billion ($5.53 billion). Under the ​proposal, the Japanese insurer is offering A$11.80 apiece, ⁠representing a premium ⁠of 19.8% from ​Challenger s last close on Friday. The ​unit, TAL Daiichi Life Australia ‌Pty, holds 20.36% of the Australian investment manager, according to LSEG. The takeover ⁠proposal is subject to a number of conditions including satisfactory completion of ⁠due ‌diligence, Challenger stated. The ⁠Board of Challenger is ​considering ‌the indicative offer, ​the Australian ⁠firm added in its statement. ($1 = 1.4360 Australian dollars) (Reporting by Shivangi Lahiri in Bengaluru; Editing by Edmund Klamann and ​Cynthia Osterman)