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3 years ago
Dai-ichi Life says eyeing fund-raising options to buy insurer
June 2, 2014 / 6:20 AM / 3 years ago

Dai-ichi Life says eyeing fund-raising options to buy insurer

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TOKYO, June 2 (Reuters) - Japanese insurer Dai-ichi Life Co said it was considering various fund-raising options to acquire a U.S. life insurance company, after a source said it was in advanced talks to buy Protective Life Corp of the United States.

The company said options included an issuance of new shares, confirming an earlier Reuters report, but added it had not made any decision on the matter. A source with direct knowledge of the matter also told Reuters earlier that the deal could be worth over $5 billion, the biggest so far in a string of overseas acquisitions by Japanese insurers.

The Nikkei business daily reported earlier that Dai-ichi Life is considering raising more than 200 billion yen ($1.97 billion) by issuing new shares, sending the life insurer's shares tumbling more than 8 percent at one point. ($1 = 101.7450 Japanese Yen) (Reporting by Tokyo newsroom; Editing by Chang-Ran Kim)

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