Presidential Life Corp. (PLFE: Quote) announced a definitive agreement for Athene Holding Ltd. subsidiary to buy Presidential Life for $14.00 per share in cash, representing an aggregate purchase price of about $415 million.
The $14.00 per share price represents a premium of approximately 38% over the $10.14 per share closing price of Presidential Life common stock on July 12, 2012, the last trading day prior to today's announcement, and a premium of 40% over the average closing price for the five trading day period ended on such date.
As per the terms of the deal, Presidential Life, which markets and sells a variety of fixed annuity, life insurance and accident and health insurance products through its wholly owned subsidiary, Presidential Life Insurance Co., will be acquired by Athene's wholly owned subsidiary, Athene Annuity & Life Assurance Co.
"I am pleased to announce this agreement, which provides our shareholders with a significant cash premium for their shares. We believe this transaction is in the best interest of our shareholders," said John McMahon, Chairman of the Board of Presidential Life.
The deal is anticipated to close in late 2012.
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by RTT Staff Writer
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