The deal with closely held Meiji Yasuda includes a 25-day “go-shop” period during which StanCorp can seek competing offers. If another bidder emerges with a better offer, there’s a $90 million break-up fee, according to the statement.

Goldman Sachs Group Inc. served as StanCorp’s financial adviser. It got legal advice from Debevoise & Plimpton LLP. Morgan Stanley gave the buyer financial advice, while Baker & McKenzie LLP acted as its legal counsel.

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