Challenger shares last traded at 55 cents on May 29, before trading was halted ahead of the offer announcement.
The company trades at a PE of 22.4 times.
Back in 2019, Loo and Dymon had made an offer also at 56 cents, which was rejected by minority shareholders at an EGM.
Currently, Dymon Asia already holds an indirect stake of 17.44% in Challenger. Loo and his family collectively hold another 47.32%.
See also: Property tycoon Koh Wee Meng and Aspial launch 11-cent offer to take AF Global private
In addition, another substantial shareholder, Ng Leong Hai, who holds 20.68%, has given his irrevocable undertaking to sell his shares to the offeror.
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