Dai-ichi Life Plans Equity Financing to Facilitate US Protective Life Buy
June 03 2014 - 8:50PM
Dow Jones News
TOKYO--Dai-ichi Life Insurance Co. (8750.TO) said Wednesday it
plans to issue up to Y250 billion in new shares to finance its
acquisition of U.S. life insurer Protective Life Corporation.
Dai-ichi Life said it will issue new shares between June 12 and
June 11, 2015, with Goldman Sachs as an underwriter for the
deal.
Also on Wednesday, Japan's third-largest private life insurer
announced it will acquire all outstanding shares of Protective Life
for $70.00 per share in cash, or a total transaction value of
approximately $5.7 billion.
Write to Megumi Fujikawa at megumi.fujikawa@wsj.com
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