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Stock Alert: American Equity Investment Jumps 43% On Takeover Bid

Shares of American Equity Investment Life Holding Co. (AEL), a provider of life insurance products and services, are surging more than 43 percent or $9.51 in Thursday's morning trade at $31.50.

Thursday, American Equity Investment Life confirmed that it received an unsolicited non-binding proposal from Athene Holding Ltd. (ATH) with Massachusetts Mutual Life Insurance Company to acquire all outstanding common shares of American Equity for $36.00 per share in cash.

The company said its board is reviewing the proposal, and advised its shareholders to take no action at this time.

American Equity Investment has traded in a range of $9.07 to $34.16 in the past 52 weeks.

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