FGL Holdings, the parent of has moved a Fidelity & Guaranty Life Insurance Company, has moved a step closer toward getting acquired by Fidelity Financial Inc.
Fidelity National — a large title insurer — agreed in February to acquire FGL for $2.7 billion.
FGL, which goes by the name nickname F&G, is based in George Town, in the Cayman Islands.
Fidelity & Guaranty Life has its main offices in Des Moines, Iowa.
When the companies made their preliminary acquisition agreement, Fidelity National gave F&G a 40-day “go shop period” to look for a better deal.
The go-shop period expired Wednesday, F&G said Thursday.
“During the go-shop period, F&G and its financial advisor, Credit Suisse, solicited 42 potential acquirers,” F&G said in an announcement of the end of the go-shop period. “Despite these efforts, F&G did not receive any alternative acquisition proposals during the go-shop period.”
The terms of the Fidelity National deal agreement now restrict F&G’s ability to solicit alternative proposals or to give other suitors non-public information, F&G said.
F&G said it expects the Fidelity National deal to close by Sept. 30.
Fidelity National and F&G still have to get approval for the deal from regulators and from F&G shareholders.
— Read Fidelity Measures the CD-Annuity Literacy Gap, on ThinkAdvisor.