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Athene, MassMutual made over $3B takeover offer to American Equity -WSJ

Oct. 01, 2020 6:29 AM ETAthene Holding Ltd. (ATH), AELAEL, ATHBy: Gaurav Batavia, SA News Editor4 Comments
  • Massachusetts Mutual Life Insurance and Athene Holding (NYSE:ATH) offered American Equity (NYSE:AEL) $36 a share in cash on Sept. 8, valuing the transaction over $3B.
  • The acquisition price is valued at a 63% premium to AEL's closing price of $21.99 yesterday.
  • Under the proposed deal, MassMutual would acquire American Equity’s insurance subsidiaries and all of its employees, brands and distribution arrangements. MassMutual would reinsure 80% of American Equity’s existing business to Athene and retain the remaining 20%, according to the letter.
  • In July, KKR agreed to buy Global Atlantic Financial for more than $4.4B.
  • AEL +42% in premarket.

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