Midwest Holding Inc. has announced the completion of the acquisition of Midwest by an affiliate of Antarctica.
If you recall, the transaction was first announced in May when the two firms entered into a definitive merger agreement.
Then in July, it was confirmed that Midwest Holding’s shareholders had approved the merger agreement.
Following the terms of the transaction, Midwest shareholders are entitled to receive $27.00 in cash per share of common stock owned immediately prior to completion of the transaction.
Interestingly, with the completion of the transaction, Midwest shares have ceased trading and will no longer be listed on the Nasdaq.
From what we understand, Midwest will continue to be led by its current leadership team and will maintain its name, personnel, headquarters in Lincoln, Nebraska, as well as its operational hubs that are located in New York and Vermont.
Georgette Nicholas, Chief Executive Officer of Midwest, commented: “Today marks the beginning of a new chapter for Midwest, and we are excited to work with the Antarctica team to fully capitalize on our market opportunity and drive future growth.
“This transaction was made possible by the outstanding contributions of our employees and partners, and we look forward to collaborating with Antarctica to grow and create further value for policyholders.”
Chandra Patel, Managing Partner of Antarctica Capital, said: “Midwest’s innovative insurance platform, including its fast-growing annuity business, has significant untapped potential, and we are very pleased to welcome the Midwest team into the Antarctica family of companies.
“Midwest will be a key component of our retirement services business. We are confident that our deep expertise, existing partnerships, and resources will accelerate Midwest’s growth and further enhance its products and services.”
