Dai-Ichi Life to Launch TOB for Benefit One in Competing Bid against M3

Reuters

18:02 JST, December 7, 2023

TOKYO (Reuters) – Japan’s Dai-Ichi Life Holdings said on Thursday that it plans to launch a tender offer for Benefit One shares in a competing bid against M3 Inc.

Benefit One’s parent company Pasona Group had already agreed to tender all of its 51.16% stake in Benefit One to M3, which launched tender offer last month.

Dai-Ichi Life said it plans to offer 1,800 yen ($12.39) per Benefit One share, against M3’s bid of 1,600 yen.

$1 = 145.3000 yen