Prosperity reaffirms interest in buying American Equity Life despite rejection of $3.9B offer
Prosperity and its principal shareholder, Elliott Investment Management offered to buy American Equity for $45 a share in cash.
Prosperity and Elliott offered the deal Dec. 8 and American Equity turned it down Dec. 12. Prosperity stated in a statement that'specifically, we indicated the fact that ['Prosperity] could probably improve [its proposal] to offer American Equity's shareholder a more attractive premium.' RBC analyst Mark Dwelle said Tuesday that Prosperity's offer was too low and American Equity could be worth "in the $50s per share." Elliott Management acquired the Prosperity Group in 2019 to provide insurance, reinsurance, and asset management services.