Why Insurer National Western Life's Shares Are Surging Today?
Portfolio Pulse from Lekha Gupta
National Western Life Group Inc (NWLI) shares surged by around 14% after the company announced a definitive merger deal with Prosperity Life Group for about $1.9 billion in an all-cash transaction. The deal, which represents an 87.1% premium to the unaffected Class A Common Stock share price, is expected to close in H1 2024. NWLI stockholders that collectively own common shares representing approximately 29.7% of the total voting power have executed voting and support agreements with S. USA Life Insurance Company, Inc. (SUSA), an affiliate of Prosperity Life Group.
October 09, 2023 | 1:22 pm
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NWLI's stock price surged following the announcement of a merger deal with Prosperity Life Group. The deal is expected to close in H1 2024.
The announcement of the merger deal with Prosperity Life Group has led to a surge in NWLI's stock price. The deal, which represents a significant premium to the unaffected Class A Common Stock share price, is expected to be beneficial for NWLI's shareholders. Furthermore, the fact that NWLI stockholders that collectively own common shares representing approximately 29.7% of the total voting power have executed voting and support agreements with SUSA, an affiliate of Prosperity Life Group, indicates strong support for the deal.
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