Sard Verbinnen & Co. represents American Equity Investment Life Holding Co. as the insurer receives a $3B takeover offer from Massachusetts Mutual Life and Athene Holding Ltd.
The Wall Street Journal notes that American Equity’s annuities and retirement income products are popular among conservative investors.
The deal would be the latest move in the consolidation of the insurance industry.
American Equity’s board is reviewing the unsolicited bid and will determine if it represents the best interests of shareholders.
MassMutual, which would own an 80 percent stake in American Equity, promises to keep the management of the West Des Moines-based company intact.
Sard Verbinnen’s George Sard, Jared Levy and Jamie Tully handle American Equity.