AEL - American Equity Investment Life stock dives after Prosperity withdraws takeover proposal

• American Equity Investment Life ( NYSE: AEL ) stock tumbled as much as 12.5% in Tuesday premarket trading after Prosperity Group Holdings withdrew its proposal to acquire the life insurer's common stock for $45.00 per share.
• AEL had rejected Prosperity's $45.00 a share all-cash offer towards the end of 2023. Prosperity is backed by activist fund Elliott Investment Management.
• "Given American Equity’s ( AEL ) refusal to engage and our desire to proceed only on a constructive basis, Prosperity has no interest in continuing to pursue our proposed transaction at this time,” Prosperity said in a statement.
• In October 2020, AEL rejected a joint $3B bid from Athene and MassMutual. Instead, the insurer agreed to a strategic partnership with Brookfield Asset Management ( BAM ).

For further details see: