Brookfield Asset Management said on Oct. 18 it had agreed to take a 19.9% stake in American Equity Investment Life. The same day, the U.S. insurer rebuffed an earlier takeover approach from Massachusetts Mutual Life Insurance and Athene.
Canada-based Brookfield will buy a 9.9% stake in American Equity at $37 per share, with a plan to buy another 10% at no less than the same price later. It will take on up to $10 billion of American Equity’s insurance liabilities.MassMutual and Athene had offered $36 per share in cash. The day before American Equity confirmed receipt of their offer, its shares had closed at $21.99.
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