Dai-Ichi Life to launch higher bid for Benefit One to take deal away from M3 (updated)
07/12/2023 10:21
(Adds context, details of offer and Pasona response)
TOKYO, Dec 7 (Reuters) - Japan life insurer Dai-Ichi
Life Holdings 8750.T said on Thursday it plans to launch a
higher tender offer for healthcare platform Benefit One 2412.T
in a competing bid against M3 Inc 2413.T .
The fight over Benefit One marks the latest in a growing
number of takeover deals in Japan, spurred in part by a push by
the Tokyo Stock Exchange for improved corporate governance and
better allocation of capital that has made large companies
reassess the logic of having multiple listed affiliates and
subsidiaries.
Benefit One's parent company Pasona Group 2168.T had
already agreed to tender all of its 51.16% stake in the
subsidiary unit to digital healthcare provider M3, which
launched its 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, first buying up
the shares Pasona does not own and then buying the 51.16% of
shares held by Pasona, so as to take the company private.
Dai-Ichi's total acquisition price would be 286 billion yen
($1.98 billion) for the whole company versus 140 billion yen
from M3 for up to 55% of Benefit One's shares.
Pasona said it is evaluating the new offer and the
stipulations of the contract it signed to sell its shares to M3.
($1 = 145.3000 yen)
(Reporting by Mariko Katsumura and Anton Bridge; Editing by
Edmund Klamann and Tom Hogue)
((Mariko.Katsumura@thomsonreuters.com;))