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American Equity Investment Life Holding Co (NYSE:AEL) shares are trading higher by around 15% after the company announced it had received a $55 per share acquisition proposal from Brookfield Reinsurance Ltd (NYSE:BNRE).
The proposal represents a premium of 35% to the closing price as of June 23, 2023, and a 42% premium to the 90-day volume weighted average price (VWAP) for the AEL shares.
As per the deal, AEL shareholders will receive $38.85 in cash and Brookfield Asset Management Ltd (NYSE:BAM) shares of value equivalent to $16.15 based on the unaffected 90-day VWAP as of June 23, 2023, subject to adjustment in certain circumstances, which will result in transaction value as of the closing to be not less than $54.00 and not higher than $56.50 per share based on BAM's share price post-deal-closure.
Upon deal closure, Brookfield Reinsurance's assets under management (AUM) will increase by around $100 billion and BAM's AUM to about $900 billion.
"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. American Equity will have no further comment on the proposal until the Board has completed its review. It is important to note that there is no guarantee that an agreement will be reached or on what terms," said AEL executive.
Price Action: AEL shares are up 15% at $51.90 premarket on the last check Tuesday.
