Things To Know About Midwest
Midwest is an insurance based company founded in 1998 and headquartered in Springfield. The privately held firm has been providing services to their customers from last 15 years building a good track of customer report. The company has major specialties in car insurance, homeowners insurance , health insurance and life insurance. It 8s an independent insurance industry with a goal to provide needful claims and profits to it’s customers.
As per the recent agreement signed, customers who have invested in the stocks of Midwest shareholders will receive an amount of $27.00 in cash per share of their stock, which will be representing a 97% premium to the company’s closing share price on April 28, 2023 as dated by the team members of the company and a 75% premium over Midwest’s 30-day volume-weighted average price as of April 28, 2023.
Looking at the deal getting wind up, Midwest will continue to be led by its current leadership team it was working with. Thus, the life and annuity platform is expected to maintain its name, personnel, headquarters in Lincoln, Nebraska as well for further processes running under their firm.
What Are The Views Of Leading Members Of The Firm On This –
Georgette Nicholas, chief executive officer of Midwest, said, “This transaction delivers a substantial cash premium to our shareholders while also providing Midwest with the resources necessary to fully capitalize 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.”
Chandra Patel, managing partner of Antarctica Capital, added, “Midwest is an innovative insurance platform with an impressive team that has built a rapidly growing annuity business. The acquisition of Midwest represents a significant milestone for Antarctica’s insurance strategy.Antarctica brings to Midwest its investment management expertise and asset origination capabilities that will enable Midwest to enhance the value it provides to its policyholders. In addition, we plan on utilizing our platform and existing partnerships to accelerate Midwest’s “capital light strategy” to drive future growth. We look forward to welcoming Midwest to the Antarctica family of companies.”
