Deals: American Equity Receives Offer From Brookfield Reinsurance

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American Equity Investment Life Holding Company (“American Equity”) (NYSE: AEL), a leading issuer of fixed index annuities (FIAs), today issued the following statement regarding the acquisition proposal it received from Brookfield Reinsurance Ltd. (“Brookfield Reinsurance”):

“American Equity’s Board of Directors today confirmed that it has received a proposal from Brookfield Reinsurance to acquire all outstanding shares of American Equity that Brookfield Reinsurance does not already own for $55.00 per share comprised of $38.85 per share in cash and $16.15 per share in Brookfield Asset Management Ltd. (NYSE, TSX: BAM) (“BAM”) Class A limited voting shares (the “BAM Shares”), based on the unaffected 90-day volume-weighted average price as of June 23, 2023.

The number of BAM Shares to be issued at closing is subject to adjustment, which will result in the aggregate value of the consideration as of the closing of the transaction being not less than $54.00 and not greater than $56.50 per share based on BAM’s stock price shortly preceding the closing. The American Equity Board has granted Brookfield Reinsurance a limited waiver of Brookfield Reinsurance’s standstill obligation under its existing investment agreement with American Equity to permit Brookfield Reinsurance to make this proposal.

“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. American Equity will have no further comment on the proposal until the Board has completed its review. It is important to note that there is no guarantee that an agreement will be reached or on what terms.”

American Equity shareholders need not take any action at this time.