SYDNEY — Shares of Challenger soared more than 19% on Monday after the Australian annuities provider received a takeover proposal from the local unit of Japanese insurer Dai-ichi Life valuing the company at about 7.9 billion Australian dollars.

Challenger shares closed up 1.90 dollars, or 19.29%, at 11.75 dollars, the session high, after trading as low as 11.05 dollars. More than 8.5 million shares changed hands. The shares reached their highest level since October 2018, according to Reuters.

Challenger said TAL Daiichi Life Australia, a subsidiary of Dai-ichi Life Group, submitted a non-binding, conditional proposal to acquire the roughly 79.5% of Challenger shares it does not already own for 11.80 dollars per share through a scheme of arrangement.

The offer represents a........

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