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home / news releases / AEL - American Equity Investment Life jumps on report of Prosperity Life takeover bid

AEL - American Equity Investment Life jumps on report of Prosperity Life takeover bid

American Equity Investment Life Holding Company

  • American Equity Investment Life ( NYSE: AEL ) rose 7% after a report that Prosperity Life Insurance Group made an unsolicited offer to buy the rival insurer.
  • Prosperity Life, which is backed by activist fund Elliott Investment Management, made an offer at a premium to AEL's current share price, according to traders, who cited a Bloomberg report. Property Life could still decided not to move forward with a bid. AEL has a market cap of $3.45 billion.
  • The offer comes after  Raymond James on Monday initiated the life insurer with a strong buy on the execution of AEL's restructuring plan and its potential to be targeted as a takeout candidate.

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American Equity Investment Life jumps on report of Prosperity Life takeover bid
Stock Information
Company Name: American Equity Investment Life Holding Company
Stock Symbol: AEL
Market: NYSE
Website: american-equity.com
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