Deals
American Equity Hits Record on $4.3 Billion Brookfield Bid
- Canadian giant trumps rejected bid from Elliott-backed group
- US annuities provider reviewing proposal with advisers
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American Equity Investment Life Holding Co. shares soared to an all-time high after an arm of Canadian investment giant Brookfield made a cash and stock takeover bid valuing the insurance firm at about $4.3 billion.
Brookfield Reinsurance Ltd. is proposing to buy all the American Equity shares it doesn’t already own for $55 apiece, according to a statement Tuesday. The offer represents a 35% premium to American Equity’s closing price on Friday, the last full trading day before Bloomberg News reported Brookfield’s interest.