American National (ANAT) - Get American National Group, Inc. Report shares rose sharply Monday, after the insurance company agreed to be bought by Brookfield Asset Management Reinsurance BAMR for $5.1 billion in cash.
American National stockholders receive $190 per share. That represents a 55% premium to its unaffected price of $122.56 on May 11.
American National traded at $187.04, up 8.2% at last check, and has soared 102% over the past six months.
Brookfield intends to maintain American National’s headquarters in Galveston, Texas. The merger is expected to close in the first half of 2022.
The deal will be funded by Brookfield Reinsurance through a combination of committed debt and equity financing, including committed debt financing of $1.5 billion.
In other merger news Monday, Select Interior Concepts (SIC) - Get Select Interior Concepts, Inc. Class A Report, a distributor of interior building products said it would be acquired by private equity firm Sun Capital Partners for $411 million cash.
Under terms of the agreement, the Boca Raton, Fla., PE firm will pay $14.50 cash per SIC share. That's a 32% premium over SIC’s closing price Aug. 6.
The deal is expected to close early next quarter, subject to conditions including regulatory clearances and a vote of Select Interior holders.
Also Monday, poultry-producing titan Sanderson Farms (SAFM) - Get Sanderson Farms, Inc. Report agreed to be bought by commodity giant Cargill and Continental Grain. It’s a cash transaction at $203 a share, valuing the Laurel, Miss., company at $4.53 billion.
The purchase price is a 30% premium to Sanderson Farms' closing price of $155.74 on June 18, the last full trading day prior to media speculation about the potential sale.