Friday, July 13, 2012

Athene to buy Presidential Life (Nasdaq: PLFE) for $415 million

Athene to buy Presidential Life (Nasdaq: PLFE) for $415 millionOrlando, FL 7/13/12 (StreetBeat) –Presidential Life Corp (Nasdaq: PLFE) agrees to be bought out by Athene Holding Ltd, a unit of Apollo Inc (NYSE: APOL), for $415 million cash the companies said Friday.

Athene will pay a 38% premium to Presidential’s Thursday close at $14 a share. Presidential Life’s board unanimously approved this transaction, which is lined up to close late 2012.

"(The) announcement is the result of a comprehensive process in which the board, with the assistance of its outside advisers, carefully considered strategic alternatives for our shareholders," Presidential Life Chairman John McMahon said in a statement.

The deal is subject to the approval of the New York State Department of Financial Services and the holders of a majority of the outstanding shares of Presidential Life common stock. Share price of Presidential spiked 36% in morning trade.

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