A Dutch financial services company has agreed to scoop up a major player in the U.S. executive benefits market.
AEGON N.V., The Hague, Netherlands, say it plans to pay $293 million, or $16.55 per share, in cash for Clark Inc., Barrington, Ill.
The price of Clark’s shares closed today at $12.50.
AEGON already owns 13% of Clark’s stock through an affiliate, AUSA Holdings Inc. AUSA has been paying Clark $2.5 million per year under an administrative services and bonus forfeiture agreement, according to reports Clark has filed with the U.S. Securities and Exchange Commission.
Clark, founded in 1967, is best known for units that sell corporate-owned life insurance, bank-owned life insurance and a variety of executive compensation arrangements.
AEGON hopes acquiring Clark will help it expand distribution for its COLI and BOLI products, the company says.