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Prosperity Group Holdings LP reaffirmed its interest in acquiring American Equity Investment Life Holding Company (AEL) through a recent press release. Prosperity's initial acquisition offer on December 8 was rejected within three business days without engagement. A subsequent letter on December 19 expressed a willingness to improve the offer, emphasizing potential added value for AEL shareholders. However, this proposal also faced a swift rejection. Prosperity remains committed to pursuing a constructive dialogue with AEL to explore value-creation opportunities for shareholders.
Positive
Prosperity's willingness to improve its acquisition offer for AEL could indicate potential future value for AEL shareholders.
Prosperity's ongoing commitment to engage with AEL suggests seriousness in pursuing a beneficial partnership.
Negative
AEL rejected both offers from Prosperity without meaningful engagement, indicating potential stagnation in growth opportunities.
The swift rejections of acquisition proposals may reflect management's reluctance to explore strategic alternatives.
NEW YORK--(BUSINESS WIRE)--
Prosperity Group Holdings LP (“Prosperity”) today released the following statement:
Yesterday, American Equity Investment Life Holding Company (“AEL” or the “Company”) (NYSE: AEL) released a statement regarding Prosperity’s interest in acquiring the Company. Prosperity is issuing this press release to affirm our interest in acquiring AEL and to address certain claims made in AEL’s statement.
On December 8th, Prosperity made an offer to acquire American Equity Investment Life Holding Company. The offer was rejected in fewer than three business days with no engagement by the Company or its advisors. On December 19th, Prosperity sent AEL a subsequent letter reaffirming our interest in acquiring the Company. Contrary to the statements made in AEL’s press release yesterday, Prosperity’s second letter was not “the same price and economic terms,” but instead indicated Prosperity’s willingness to improve its offer following due diligence. Specifically, we indicated that with access to diligence, “[Prosperity] could likely improve [its proposal] and offer American Equity’s shareholders an even more attractive premium.” This second outreach again was rejected in less than 24 hours during which time AEL and its advisors did not attempt to engage with Prosperity regarding our improved proposal.
Notwithstanding the Company’s reluctance to meaningfully explore this potential value-creation opportunity, Prosperity remains committed to the openness expressed in our December 19th letter to AEL’s board and management and to a combination with AEL that provides attractive value for its shareholders and combines the strengths of Prosperity and AEL under one company. We look forward to an opportunity to engage with the Company in constructive dialogue.
ABOUT PROSPERITY
The Prosperity Group provides financial security to middle-market consumers through protection, asset accumulation, and supplemental products alongside innovative capital, risk management and asset management solutions for insurance and reinsurance clients. The current platform, which consists of insurance, reinsurance and asset management businesses, has been successfully built since the acquisition by funds affiliated with Elliott Investment Management LP in 2019. For more information, please visit www.prosperitylife.com.
