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Australia's Challenger at 8-year high, extends gains on takeover offer

By Reuters News

** Shares of Challenger CGF.AX rise as much as 1.7% to A$11.84, their highest since mid-August, 2018

** On track to log a nearly 20% weekly gain, best since April 2020, if trend holds

** On Monday, investment manager received indicative proposal from a unit of Japan's Daiichi Life to buy over 79% co it does not already own, offering A$11.80 apiece, valuing Challenger at A$7.94 billion ($5.57 billion)

** Co also posted a 5% rise in assets under management to A$31.9 billion for the first quarter of fiscal 2027

** Stock is up 25.4% YTD

($1 = 1.4255 Australian dollars)

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