National Western And Prosperity Life Group Announce $1.9B Cash Merger; Each Issued And Outstanding Share Of National Western Will Be Converted Into The Right To Receive $500/Share In Cash At Closing Of Merger
Portfolio Pulse from Benzinga Newsdesk
National Western and Prosperity Life Group have announced a $1.9 billion cash merger. Each share of National Western will be converted into the right to receive $500 in cash at closing of the merger, representing an 87.1% premium to the unaffected Class A Common Stock share price. The merger has received unanimous approval from National Western's Board of Directors and is expected to close in the first half of 2024, subject to approval by National Western's stockholders, antitrust clearance, and receipt of insurance regulatory approvals.
October 09, 2023 | 12:19 pm
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National Western's shares will be converted into the right to receive $500 in cash at closing of the merger, representing an 87.1% premium to the unaffected Class A Common Stock share price. The merger is expected to close in the first half of 2024.
The merger represents a significant premium to the current share price, which is likely to have a positive impact on the stock in the short term. The unanimous approval from the board and the support from shareholders owning approximately 29.7% of the total voting power further strengthens the likelihood of the merger's completion.
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