Japanese insurer Dai-ichi Life Co is considering the possibility of issuing shares to raise funds if it successfully concludes advanced talks to purchase Protective Life Corp of the United States, a source with direct knowledge of the matter said. Dai-ichi Life, Japan's second-largest private-sector life insurer, is planning to fund half of the acquisition of the U.S. insurer - likely to be worth over $5 billion - from existing reserves, said the source, who was not authorised to discuss the matter publicly. The rest of the acquisition cost would come from funds raised externally, including a possible share issue, the course said.The Japanese company plans to buy 100 percent of Birmingham, Alabama-based Protective Life, said the source.Dai-ichi Life declined to comment.
Protective Life Corporation is a holding company. Shares of PL traded higher by 0.35% or $0.18/share to $52.30. In the past year, the shares have traded as low as $36.36 and as high as $54.48. On average, 364591 shares of PL exchange hands on a given day and today's volume is recorded at 338930.
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