UPDATE: Dai-ichi Life to Acquire Protective Life for $70.00/Share in Cash

Dai-ichi Life Insurance Company DCNSF and Protective Life Corporation PL announced that they have entered into a definitive agreement under which Dai-ichi Life will acquire all outstanding shares of Protective Life Corporation for $70.00 per share in cash, or a total transaction value of approximately $5.7 billion. The transaction consideration represents a 34% premium over Protective's unaffected closing stock price of $52.30 on May 30, 2014. Dai-ichi Life, founded in 1902 and headquartered in Tokyo, Japan, is one of the top 20 global life insurers and operates throughout Japan, Australia, Vietnam, Indonesia, India and Thailand. Protective, whose primary subsidiary, Protective Life Insurance Company, was founded in See full press release