Presidential Life has received stockholders approval for merger with Athene Annuity & Life Assurance Company, which is a retail fixed and index annuity sales and reinsurance provider.
Athene had inked an acquisition agreement with Presidential Life in July 2012.
The transaction is likely to close on 28 December 2012, after receipt of governmental and regulatory approvals as well as satisfaction or waiver of the closing conditions.
Under the terms of the accord, Athene Annuity and Eagle Acquisition (Merger Sub) will merge with and into Presidential Life, while the latter will act as a wholly owned subsidiary of Athene Annuity after merger.
Presidential Life, through its wholly owned subsidiary, Presidential Life Insurance, markets a variety of fixed annuity, life insurance and accident and health insurance products.
Sandler O'Neill + Partners acted as the financial advisor and provided a fairness opinion to Presidential Life in connection with the transaction, while Proskauer Rose served as counsel. Sidley Austin acted as counsel to Athene.
