Australia's Challenger hits 8-year high on receiving takeover proposal

** Shares of Challenger CGF.AX rise as much as 18.3% to A$11.65, their highest since October 23, 2018

** Stock logs its largest intraday pct gain since March 25, 2020

** Australian investment manager receives an indicative proposal from a unit of Japan's Daiichi Life 8750.T to buy more than 79% of its shares for A$11.80 apiece

** Deal values CGF at A$7.94 bln ($5.53 bln)

** Separately, Challenger reported a 5% rise in its assets under management to A$31.9 billion for Q1 FY27

** YTD, stock up 22.4%, including the day's moves

($1 = 1.4364 Australian dollars)