New Delhi, Oct. 19 -- On Friday, Challenger spent A$4.9 million buying back 500,000 of its own shares at prices between A$9.69 and A$9.89. After the market closed, an offer of A$11.80 a share arrived.

01 UTC on Sunday, 8:01 a.m. Monday in Sydney, according to the exchange's announcements feed, that its board is considering the indicative offer and shareholders need take no action.

The proposal is non-binding. It depends on due diligence, a scheme implementation agreement, approval from "various regulatory bodies" and a board recommendation, and Challenger warned there is "no certainty the proposal will result in a binding offer." The price is the live question. Challenger frames A$11.80 as 17.7 percent above its one-month average of A$1...