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July 13, 2012 at 09:52 AM
In a $415 million all-cash deal, Presidential Life Corp. today agreed to be acquired by a subsidiary of Athene Holding Ltd., a Bermuda-based holding company. The purchase price is based on a per-share price of $14, which represents a premium of approximately 38% over the $10.14 common stock price of Presidential Life the day before the acquisition was announced and 40% over the average closing price for the five trading days prior to July 12. The deal is expected to close later this year.
Presidential Life, which sells fixed annuities, life, accident and health insurance products, is a Delaware corporation with headquarters in Nyack, N.Y. The deal awaits approval from majority shareholders and the New York State Department of Financial Services.
Among Athene’s principal companies are: Athene Annuity & Life Assurance Co., a Delaware-domiciled stock life insurance company focused on retail fixed annuity sales and reinsurance; Athene Life Re Ltd., a Bermuda-based reinsurer focused on the retirement services market, and Athene Life Insurance Co., an Indiana-domiciled stock life insurance company focused on the institutional funding agreement market.
