Brookfield’s reinsurance arm has made a cash and stock offer that’s set to be recommended by the American Equity board, the people said, asking not to be identified because the information is private. American Equity could make an announcement as soon as Monday, according to the people.
A transaction would cap several years of takeover interest in American Equity from various suitors and add to the US$15 billion in insurance company acquisitions announced globally over the past 12 months, data compiled by Bloomberg show. Brookfield Reinsurance Ltd. is already the biggest shareholder in West Des Moines, Iowa-based American Equity with a roughly 20 per cent stake, according to regulatory filings.
Brookfield’s offer is higher than the rebuffed proposal from Prosperity and values American Equity at a significant premium to its recent stock price, the people said. The exact bid couldn’t be learned. Representatives for Brookfield and American Equity didn’t have an immediate comment.
Source: News Formal (newsformal.com)
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