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Dai-ichi Life Insurance Co Ltd to acquire Protective Life Corp


Tuesday, 3 Jun 2014 08:40pm EDT 

Dai-ichi Life Insurance Co Ltd and Protective Life Corp:Enter into definitive agreement under which Dai-ichi Life will acquire all outstanding shares of Protective Life Corp. for $70.00 per share in cash, or a total transaction value of about $5.7 bln.Transaction, which has been approved by both companies' boards of directors, is expected to close by end of 2014 or early 2015.Dai-ichi Life intends to fund transaction through cash in hand and supplementary sources if necessary.Goldman Sachs is acting as financial advisor to Dai-ichi Life and Baker & McKenzie and Willkie, Farr & Gallagher are acting as legal advisors.Morgan Stanley is serving as financial advisor to Protective and Debevoise & Plimpton LLP is serving as legal advisor.