Dai-ichi Life Holdings Inc

8750: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Dai-Ichi Life: Pricey Takeover Bid for Benefit One Doesn’t Affect Our Fair Value Estimate

Michael Makdad

Dec 7, 2023

Dai-Ichi Life Holdings announced a takeover bid for Benefit One whose price tops a takeover bid currently underway by medical information provider M3. Unlike M3’s bid, which is only for a maximum of 55% of Benefit One, Dai-Ichi Life is offering to buy 100%. We think Dai-Ichi Life’s bid therefore provides a more attractive exit for Benefit One’s parent company Pasona, even if M3 raises its offer.

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