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Protective Life Corp. is being sued by a shareholder who says a proposed $5.7 billion purchase of the company by Dai-ichi Life Insurance Co. is unfair to investors because other potential bidders were locked out.

Dai-ichi, the nation’s second-largest life insurer, announced last month that it would pay $70 a share in cash for Alabama-based Protective to expand its business in the U.S.

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