American Equity Rallies On Buyout Proposal From Brookfield Reinsurance

(RTTNews) - Shares of American Equity Investment Life Holding Company (AEL), an issuer of fixed index annuities, are rising more than 17% Tuesday morning after the company said it received a buyout proposal from Brookfield Reinsurance Ltd.

The proposal is to acquire American Equity for $55 per share, that includes $38.85 per share in cash and $16.15 per share in Brookfield Asset Management Ltd.

"The Board will carefully review Brookfield Reinsurance's proposal in accordance with its fiduciary duties and in consultation with its independent financial and legal advisors," said American Equity.

AEL, currently at $52.92, has been trading in the range of $28.05 - $53.45 in the last 1 year.