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

REUTERS/Yuriko Nakao
A man walks into Japan’s Dai-ichi Life Insurance Company headquarters building in Tokyo April 21, 2011.

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