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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.
fixed index annuities * retirement planning * customer service an american-owned and operated company headquartered in the heart of the midwest, american equity investment life insurance company® is a leader in the fixed indexed annuities marketplace. american equity’s growth and success is attributed to our dedication to excellent customer service and emphasis on building customer relationships. “the one who works for you!®” serves as the foundation for the way american equity does business and values its more than 500 employees. guided by our principles of excellence, we do more than sell retirement annuity products -- we are dedicated to fostering opportunity and innovation to meet the ever-changing needs and goals of retirement. we are about principles. we are the one who works for you! social media terms and conditions of use: https://www.american-equity.com/social-media-terms
