Athene Annuity & Life Assurance to Buy Presidential Life (PLFE) for $14/Share in Cash

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Presidential Life Corporation (NASDAQ: PLFE) and Athene Holding Ltd., a Bermuda-based holding company, today announced a definitive agreement for an Athene subsidiary to acquire Presidential Life for $14.00 per share in cash, representing an aggregate purchase price of approximately $415 million.

Under the terms of the agreement, Presidential Life, which markets and sells a variety of fixed annuity, life insurance and accident and health insurance products through its wholly owned subsidiary, Presidential Life Insurance Company, will be acquired by Athene’s wholly owned subsidiary, Athene Annuity & Life Assurance Company, a Delaware-domiciled insurer focused on retail fixed and index annuity sales and reinsurance.

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