Brookfield reinsurance arm offers to buy American Equity in $4.3 bn deal

Deal comes months after AEL rejected nearly $4 bn takeover offer from Prosperity Life and its principal shareholder Elliott Investment Management, saying bid "significantly undervalued" company

Photo: Bloomberg

Canadian investment firm Brookfield's insurance arm has offered to buy American Equity Investment Life Holding in a deal valued at nearly $4.3 billion, the annuities provider said on Tuesday.
 

The deal comes months after AEL rejected a nearly $4 billion takeover offer from insurance firm Prosperity Life and its principal shareholder Elliott Investment Management, saying the bid "significantly undervalued" the company.
 

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Shares of AEL were up 12% at $50.9 in premarket trading.

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