AEL Gets Buyout Proposal From Brookfield Reinsurance; AEL Rises In Pre-market

(RTTNews) - American Equity Investment Life Holding Company (AEL) on Tuesday has said that it received a buyout proposal from Brookfield Reinsurance Ltd. (BNRE) to acquire the remaining stake in AEL not owned by Brookfiled Reinsurance already.

Under the proposal terms, Brookfield Reinsurance is offering to pay $55.00 per share comprising of $38.85 per share in cash and $16.15 per share of Brookfield Asset Management Ltd. (BAM) shares based on the unaffected 90-day volume-weighted average price as of June 23.

The American Equity Board is reviewing the proposal and have made no further comments.

In premarket activity, shares of American Equity are trading at $51 up 13.08% or $5.90 on the New York Stock Exchange. Shares of Brookfield Reinsurance closed at $31.83 up 0.09%.