Dai-ichi Life reaches deal with Pasona on Benefit One acquisition - Nikkei (updated)
08/02/2024 07:35
(Adds context in paragraphs 2 and 5, details of M3 bid in
paragraph 3, efforts to reach Pasona 4)
TOKYO, Feb 8 (Reuters) - Japanese life insurer Dai-ichi
Life Holdings 8750.T has reached an agreement with temporary
staffing service company Pasona Group 2168.T on its bid to
acquire Benefit One 2412.T , the Nikkei business daily reported
on Thursday.
Dai-ichi Life has taken a major step forward in a takeover
battle against digital healthcare provider M3 2413.T , which
first launched a tender offer in November after reaching an
agreement with Pasona, which owns a majority of Benefit One, its
healthcare platform subsidiary.
Dai-ichi Life will launch a tender offer for Benefit One as
early as mid-February, paying 2,173 yen ($14.61) per share, the
Nikkei reported, well over M3's bid of 1,600 yen.
A Dai-ichi Life spokesperson said the company had no
comment. Pasona could not be immediately reached for comment.
The fight over Benefit One is the latest in a growing number
of takeover deals in Japan, spurred in part by the Tokyo Stock
Exchange pushing for improved corporate governance and better
allocation of capital that has made large companies reassess the
logic of having multiple listed affiliates and subsidiaries.
($1 = 148.7700 yen)
(Reporting by Satoshi Sugiyama, Ritsuko Shimizu and Makiko
Yamazaki; Editing by Chang-Ran Kim and Jacqueline Wong)
((Satoshi.Sugiyama@thomsonreuters.com;))