Presidential Life Corp Soars on Acquisition by Athene Annuity & Life Assurance
Presidential Life Corp (NASDAQ: PLFE) is trading higher on the ession following an acquisition by Athene Annuity & Life Assurance Company. Under the terms of the agreement, Presidential Life will receive $14.00 per share in cash, totaling approximately $415 million.
James R. Belardi, CEO of Athene said, “We continue to build a market-leading retirement savings company through organic growth, reinsurance and strategic acquisitions. The purchase of Presidential Life will create significant opportunities for growth in our retail sales and reinsurance operations.” Athene Annuity does not currently operate in New York.
Presidential Life is currently trading at $13.84, a gain of $3.70 of 36.49%.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.