Dai-ichi Life Raises Bid For Benefit One With $2 Billion Deal

Japan’s Dai-ichi Life Holdings Inc. plans to raise the amount it is willing to pay to buy Benefit One Inc., offering a roughly 6% premium to Thursday’s closing share price.

The deal is valued at about 285.7 billion yen ($2 billion) with a proposed tender offer of 2,123 yen per share, the nation’s largest listed life insurer said in a statement.

The announcement raises the stakes in a bidding war for Benefit One, which provides benefits programs to employees of major corporations in Japan.

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Dai-ichi Life ...