# Challenger Declines to Recommend TAL Offer, Keeps Talks Open

The Australian retirement-income company says the A$11.80-per-share proposal is insufficient, while leaving room for further negotiations.

By Will Langan | 24X7 News
Published: 2026-10-26T01:04:42.777Z
Updated: 2026-10-26T01:04:42.777Z
Section: Money
Format: News
Canonical: https://24x7news.us/articles/challenger-tal-daiichi-life-offer-response-october-26-2026

Challenger’s board said Monday in Australia that it could not recommend TAL Daiichi Life Australia’s A$11.80-per-share takeover proposal at its current level, but intends to continue discussions.

The October 26 market release responds to a nonbinding, conditional proposal announced October 19. TAL seeks the ordinary shares it does not already own through a scheme of arrangement.

Challenger said its board considered the company’s value and prospects before deciding the price was insufficient for a recommendation. It described TAL as both its largest shareholder and a commercial partner.

The board plans to engage with TAL to determine whether they can reach terms it could support. That leaves a possible transaction under discussion, rather than establishing either a completed deal or a binding revised offer.

Challenger, an Australian retirement-income provider, cautioned that negotiations might not produce a binding offer or any transaction. The announcement supplied no revised price or completion timetable.

## Sources
- Challenger — October 26 ASX market release: https://announcements.asx.com.au/asxpdf/20261026/pdf/075s2w5f2q4xyk.pdf
- Capital Brief — October 26, 10:18 a.m. AEDT: https://www.capitalbrief.com/briefing/challenger-board-rejects-tal-daiichi-lifes-takeover-bid-727748dc-ed6f-4ce6-abda-b66fdb1ab12c/