Midwest Holding Inc. announced the completion of the acquisition of Midwest by a subsidiary Antarctic.
If you recall, the transaction was first announced in May when the two companies entered into a definitive merger agreement.
Then in July, it was confirmed that Midwest Holding shareholders had approved the merger agreement.
Under the terms of the transaction, Midwest shareholders are entitled to receive $27.00 in cash per share of common stock held immediately prior to the completion of the transaction.
Interestingly, upon completion of the transaction, Midwest's shares 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 retain its name, staff and headquarters in Lincoln, Nebraskaas well as its operating nodes located in New York and Vermont.
Georgette NikolaouCEO of Midwest, commented: “Today marks the beginning of a new chapter for Midwest and we are excited to partner with Antarctic team to take full advantage of our market opportunities and drive future growth.
“This transaction was made possible by the outstanding contributions of our employees and partners, and we look forward to working with Antarctic to grow and create further value for the insured”.
Chandra PatelManaging Partner of Antarctica Capital, said: “Midwest's innovative insurance platform, including its rapidly growing annuity business, has significant untapped potential and we are very pleased to welcome the Midwest team to Antarctic family of companies.
“Midwest will be a key component of our retirement operations. We are confident that our deep expertise, existing partnerships and resources will accelerate Midwest's growth and further enhance its products and services.”
