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Dai-ichi Life Insurance Company, Limited, and Protective Life Corporation have entered into a definitive agreement under which Dai-ichi Life will acquire all of the 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 percent premium over Protective Life’s closing stock price of $52.30 on May 30, 2014.

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