AEL Confirms Receipt of Acquisition Proposal From Brookfield Reinsurance
Summary
WEST DES MOINES, Iowa--(BUSINESS WIRE)--American Equity Investment Life Holding Company (“American Equity”) (NYSE: AEL), a leading issuer of fixed index annuities (FIAs), today issued the following statement regarding the acquisition proposal it received from Brookfield Reinsurance Ltd. (“Brookfield Reinsurance”): “ American Equity’s Board of Directors today confirmed that it has received a proposal from Brookfield Reinsurance to acquire all outstanding shares of American Equity that Brookfield Reinsurance does not already own for $55.00 per share comprised of $38.85 per share in cash and $16.15 per share in Brookfield Asset Management Ltd. (NYSE, TSX: BAM) (“BAM”) Class A limited voting shares (the “BAM Shares”), based on the unaffected 90-day volume-weighted average price as of June 23, 2023. “ The Board will carefully review Brookfield Reinsurance’s proposal in accordance with its fiduciary duties and in consultation with its independent financial and legal advisors. It is important to note that there is no guarantee that an agreement will be reached or on what terms.” American Equity shareholders need not take any action at this time. Advisors and agents choose one of our leading annuity products best suited for their clients personal needs to create financial dignity in retirement. American Equity is headquartered in West Des Moines, Iowa with additional offices in Charlotte, NC and New York, NY.