Midwest Holding Inc. has announced that independent proxy advisory firms Institutional Shareholder Services, Inc. (ISS) and Glass Lewis recommended that Midwest shareholders vote “FOR” the proposed acquisition of Midwest by Antarctica Capital
In May it was reported that Midwest and investment firm Antarctica Capital entered into a definitive merger agreement whereby an affiliate of Antarctica will acquire Midwest in an all-cash transaction valued at approximately $100 million.
Under the terms of the agreement, Midwest shareholders will receive $27.00 in cash per share, representing a 97% premium to the Company’s closing share price on April 28, 2023, and a 75% premium over Midwest’s 30-day volume-weighted average price as of April 28, 2023.
According to the announcement, the transaction is expected to close in the second half of 2023, subject to certain customary closing conditions, including the receipt of insurance regulatory approvals and approval by Midwest shareholders.
Midwest shareholders are to vote on the transaction during a virtually held meeting on July 26, 2023 at 11:00 a.m. Eastern Time.
Georgette Nicholas, Chief Executive Officer of Midwest, commented, “This transaction delivers a substantial cash premium to our shareholders while also providing Midwest with the resources necessary to fully capitalise on our platform, business momentum and market opportunity.
“The Board of Directors and management team conducted a comprehensive review of value creation opportunities, and we are confident this transaction provides a highly attractive outcome for Midwest. We look forward to working with the Antarctica team in this exciting new chapter.”
Following the closing of the transaction, Midwest will continue to be led by its current leadership team. In addition, Midwest is expected to maintain its name, personnel, headquarters in Lincoln, Nebraska, and operational hubs in New York and Vermont.
