POTENTIAL DEAL DETAILS
Stock | American Equity Investment Life Holding Company | Symbol | AEL |
Date Announced | 06/26/2023 | Source | Bloomberg |
Type | Unsolicited Bid | Acquiring Company/Person | Brookfield’s reinsurance arm |
Date of Confirmation: | 07/05/2023 | Price at Confirmation: | $52.78 |
Potential Profit: | 17.03% | Annualized Profit: | 690.61% |
According to Bloomberg, Canadian investment giant Brookfield Reinsurance arm (BNRE) is nearing a deal to acquire insurance firm American Equity Investment Life Holding (AEL).
Previously, On December 8, 2022, the American Equity Investment Life Holding Company Board of Directors received an unsolicited, non-binding, and opportunistic proposal from Prosperity Group Holdings LP and its principal shareholder, Elliott Investment Management L.P. to acquire American Equity in an all-cash transaction at $45.00 per share.
The Board rejected the proposal on December 12, 2022. On December 19, 2022, the Board received a second letter from the same parties restating the same price and economic terms. The Board reiterated its rejection on December 20, 2022.
On February 21, 2023, Prosperity withdrew its proposal to acquire American Equity for $45 per share stating “Given American Equity’s refusal to engage and desire to proceed only on a constructive basis, Prosperity has no interest in continuing to pursue our proposed transaction at this time.”
Update(s):
June 27, 2023: Brookfield Reinsurance (BNRE) submits proposal to acquire American Equity Investment Life Holding (AEL) for $4.3 billion.
Brookfield Reinsurance (BNRE) put forth a proposal to acquire all of the outstanding shares of common stock of AEL not already owned by Brookfield Reinsurance for aggregate consideration of $55.00 per AEL share.
July 5, 2023: American Equity Investment Life Holding Co. (AEL) accepted a $4.3 billion cash and stock takeover bid from an arm of Canadian investment giant Brookfield (BNRE)
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