Challenger bids for property group

Life insurer will make off-market takeover offer for subsidiary CDI.

Challenger Life will make an off-market takeover offer for all units it does not already own in subsidiary Challenger Diversified Property Group (CDI).

The suitor owns 58.7% of CDI and will offer $2.74 per unit cash consideration for the remaining shares, valuing the company at $586 million.

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