Presidential Life Corporation And Athene Annuity & Life Assurance Company Complete Merger
Presidential Life Corporation (“ Presidential Life”) (NASDAQ: PLFE), a Delaware corporation headquartered in Nyack, NY, 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 Company, a New York-domiciled life insurance company that has approximately $3.5 billion of admitted assets as of September 30, 2012, and Athene Holding Ltd. (“ Athene Holding,” and together with its subsidiaries, “ Athene”), a Bermuda-based holding company, today announced the completion of the acquisition of Presidential Life by Athene Holding’s wholly owned subsidiary, Athene Annuity & Life Assurance Company (“ Athene Annuity”), a Delaware-domiciled insurer focused on retail fixed and index annuity sales and reinsurance. The transaction is valued at approximately $414 million.
“The acquisition of Presidential Life gives Athene a presence in all 50 states and creates significant opportunities for growth in our retail sales and reinsurance operations,” said James R. Belardi, CEO of Athene Holding and Athene Annuity. “We continue to build a market-leading retirement savings company through a combination of organic growth, reinsurance and strategic acquisitions.”
Under the terms of the merger agreement, Presidential Life stockholders will receive $14 in cash for each share of Presidential Life common stock held. Letters of transmittal allowing Presidential Life stockholders of record to deliver their shares to the paying agent in exchange for payment of the merger consideration will be distributed promptly. Stockholders who hold shares through a bank or broker should contact their bank or broker to determine what, if any, steps they need to take in order to receive the cash merger consideration for the shares they beneficially own.
With the closing of the transaction, Presidential Life’s common shares will cease to trade on NASDAQ and will be delisted.Sandler O’Neill + Partners, L.P. acted as the financial advisor to Presidential Life and provided a fairness opinion to the Board of Directors of Presidential Life in connection with the transaction. Proskauer Rose LLP acted as counsel to Presidential Life. Sidley Austin LLP acted as counsel to Athene.
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