Japanese firm Dai-ichi Life Insurance raised 241 billion $2.4 billion in equity on Tuesday to fund its pending acquisition of US company Protective Insurance Company.
The follow-on offering of 197.8 million shares was split 5050 between international and Japanese investors and priced at 1,401 per share, a 3.04% discount to the July 15 close. Shares were initially marketed at a discount of between 3% and 5%, according to a banker close to the deal.
Both the international tranche and the domestic tranche were multiple times subscribed, the banker said, although demand was not robust enough to exercise a greenshoe option that would have increased the size...
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