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Singapore fund asks court to review Nippon Life's takeover price for Mitsui Life

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Singapore fund asks court to review Nippon Life's takeover price for Mitsui Life

Singapore's TIHT Investment Holdings Pte. is seeking courtintervention to review NipponLife Insurance Co.'s takeover offer for its shares in ,Bloomberg News reported April 11.

TIHT Investment said the offer was too low at ¥560 pershare, when Mitsui Life should have been valued at ¥1,746 per share. TIHT wasusing an "embedded value" method in its calculation, which combinesthe current value of future profits with adjusted net assets. Meanwhile, NipponLife and Mitsui Life included the dividend discount model that takes intoaccount the present value of future dividends and used valuations of otherlisted life insurers as reference, the news service reported, citing courtdocuments.

TIHT Investment had asked the Tokyo District Court to lookinto its case. Lawyers representing the firm filed summary papers to the courtApril 1.

Nippon Life owned more than 96% of Mitsui Life after completingits tender offer inDecember 2015. Japanese regulations allow a shareholder with more than 90%holdings to buy the remaining shares in a company.

Nippon Life and Mitsui Life declined to comment on thematter, the news agency reported.

As of April 11, US$1was equivalent to ¥107.81.