Dai-ichi Life to issue up to 275.9 bln yen in new shares -filing
TOKYO, July 3
TOKYO, July 3 (Reuters) - Japan's Dai-ichi Life Insurance Co Ltd will issue up to 275.9 billion yen ($2.7 billion) in new shares to help fund its planned acquisition of U.S. peer Protective Life, according to a regulatory filing with the finance ministry.
The issuance plan was widely expected after Dai-ichi Life last month filed a shelf registration to issue new shares.
Dai-ichi Life has said it expects to complete the $5.7 billion acquisition of Protective Life by January pending shareholder and regulatory approval. ($1 = 101.8900 Japanese Yen) (Reporting by Chris Gallagher; Editing by Edmund Klamann)