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Farm Bureau Property & Casualty Insurance Company has finalized its acquisition of FBL Financial Group (NYSE: FFG), purchasing all outstanding Class A and Class B shares at $61.00 per share. Following the completion of this transaction, FBL Financial Group's common stock will cease trading on the NYSE as of May 26, 2021. The Iowa Farm Bureau Federation retains majority ownership, with all other shareholders receiving cash compensation for their shares. Goldman Sachs and Barclays Capital acted as financial advisors during this process.
FBL Financial Group (NYSE: FFG) announced that its shareholders have approved the acquisition by Farm Bureau Property & Casualty Insurance Company at $61.00 per share. The approval satisfies a condition for the pending merger, which is expected to close soon following the receipt of all necessary regulatory approvals. Post-merger, FBL's common stock will cease trading on the NYSE, with Iowa Farm Bureau Federation remaining the majority owner. The management will now focus on completing the transaction while ensuring continued services to clients.
FBL Financial Group reported a net income of $27.7 million for Q1 2021, a significant increase compared to a net loss of $2.5 million in Q1 2020. Adjusted operating income was $23.5 million, up from $19.6 million year-over-year. Premiums and product charges rose to $84.8 million, aided by a 3% increase in life insurance premiums. Net investment income improved to $100.1 million. The company also amended its merger agreement, raising the cash offer to $61.00 per share. The upcoming special meeting is set for May 21, 2021.
FBL Financial Group (NYSE: FFG) and Farm Bureau Property & Casualty Insurance Company (FBPCIC) have amended their merger agreement, increasing the acquisition offer to $61.00 per share in cash. This new offer represents an 8.9% increase from the previous price and an impressive 63.8% rise over FBL's unaffected share price of $37.25 as of September 3, 2020. The total cash consideration for shareholders amounts to approximately $575 million. Approval from unaffiliated shareholders is required for the transaction to close, expected in the first half of 2021.
FBL Financial Group (NYSE: FFG) has adjourned its Special Meeting of Shareholders to May 21, 2021, to secure the necessary vote for a merger with Farm Bureau Property & Casualty Insurance Company (FBPCIC). The proposed merger offers $56.00 per share for FBL's outstanding common stock, excluding shares held by FBPCIC and its affiliates. Shareholder approval requires a majority of votes excluding certain affiliates. The company is urging shareholders to vote 'FOR' the merger. The record date remains March 11, 2021, and previous votes will be counted at the reconvened meeting.
FBL Financial Group (NYSE: FFG) has received all necessary regulatory approvals from FINRA for its acquisition by Farm Bureau Property & Casualty Insurance Company (FBPCIC), which will purchase outstanding shares of FBL Financial Group for $56.00 per share in cash. The deal is pending approval from a majority of unaffiliated shareholders, with a Special Meeting scheduled for April 29, 2021. The Board's Special Committee recommends that shareholders vote 'FOR' the transaction.
FBL Financial Group (NYSE:FFG) announced a definitive agreement for Farm Bureau Property & Casualty Insurance Company to acquire all outstanding shares of FBL Financial Group's Class A and Class B common stock for $56.00 per share in cash. A Special Meeting of Shareholders is scheduled for April 29, 2021, to vote on the transaction. The deal offers a premium of 30% to 40% over the company's standalone value. The Special Committee recommends shareholders vote 'FOR' the transaction, despite opposition from Institutional Shareholder Services, which the company believes overlooks critical facts.
FBL Financial Group (NYSE: FFG) announced that the Iowa Insurance Division has approved the acquisition of its outstanding shares by Farm Bureau Property & Casualty Insurance Company at $56.00 per share in cash. The Division confirmed that no Form A filing is necessary, clearing a regulatory hurdle for the transaction. A Special Meeting of Shareholders is scheduled for April 29, 2021, for a vote on the acquisition, with the Board recommending a "FOR" vote on the WHITE proxy card. Shareholders can reach out to Okapi Partners for voting assistance.
FBL Financial Group (NYSE: FFG) announced a transaction where Farm Bureau Property & Casualty Insurance Company will acquire all outstanding shares of FBL Financial Group for $56.00 per share in cash. The Special Committee of the Board unanimously supports this deal, asserting it provides shareholders with a significant cash premium and immediate value. Shareholders are encouraged to vote 'FOR' the transaction using the WHITE proxy card. A definitive proxy statement has been filed with the SEC, and additional information is available on the company's website.
FBL Financial Group (FFG) has urged shareholders to vote "FOR" a proposed acquisition by Farm Bureau Property & Casualty Insurance Company (FBPCIC) at $56.00 per share in cash, representing a 50% premium over its unaffected stock price. The transaction requires majority approval from unaffiliated shareholders and is deemed to offer immediate and certain value. The Special Committee claims the agreement provides significant premium value, especially considering potential future business pressures, including low interest rates and COVID-19 impacts.
