Japanese life insurance firm Dai-ichi Life Holdings Inc. said it has offered to acquire Benefit One Inc., a welfare service unit of Pasona Group Inc., in a deal estimated at some JPY 290 billion (USD 1.98 billion), reports Jiji Press. The Japanese life insurer will launch a tender offer as early as mid-January next year if Benefit One and Pasona agree on the deal worth JPY 1,800 or more per share. Dai-ichi Life plans to take full control of Benefit One to strengthen non-insurance operations.

The move by Dai-ichi Life comes as a rival tender offer for Benefit One, at JPY 1,600 per share, by medical information website operator M3 Inc. expires on Wednesday. Pasona has already agreed to sell its 51% stake in Benefit One to M3. Pasona will consider a response to Dai-ichi Life's proposal in consultations with M3.