Investing
Brookfield nears acquisition of American Equity, shares jump 10%
© Reuters. Brookfield nears acquisition of American Equity, shares jump 10%
Canadian investment firm Brookfield Corp (NYSE:) is close to acquiring American Equity Investment (NYSE:), according to a Bloomberg report, which cited sources familiar with the matter.
Following the report, shares of American Equity jumped at the end of the trading day and closed with more than a 10% gain. Currently, shares are up around 7% after-hours.
According to people familiar with the matter, Brookfield’s reinsurance arm has made a cash and stock offer, which is expected to be recommended by the American Equity board. The deal could be announced as early as Monday.
Brookfield Reinsurance already holds a 20% stake in American Equity and is the biggest shareholder in the company.
This transaction comes after several years of takeover interest in American Equity from various potential buyers. In December, American Equity rejected an unsolicited offer from Prosperity Life Insurance Group, supported by Elliott Investment Management.
Brookfield’s offer is higher than the previous proposal and values American Equity at a premium, as per the sources.
Read the full article here
-
Side Hustles6 days ago
Mark Zuckerberg Is Now Second Richest Person in the World
-
Investing6 days ago
Nvidia CEO Jensen Huang: Demand For Blackwell AI Is Insane
-
Side Hustles7 days ago
How to Be Unapologetically You and Why It Matters
-
Side Hustles7 days ago
With AI Magicx, It’s Like Getting an Entire Creative Team in One Money-Saving AI Tool
-
Side Hustles6 days ago
Meta Previews Movie Gen, AI Tools That Turn Dreams to Videos
-
Investing4 days ago
Hurricane Helene Hits Spruce Pine Mine, Quartz Used for Tech
-
Passive Income7 days ago
How AI-Driven Personalization Is Transforming the Retail Industry
-
Investing6 days ago
BCA says investors should fade the real estate rally By Investing.com