Sidley Austin Helps Athene In $415M Buy Of Presidential Life

Law360, New York (July 13, 2012, 6:21 PM EDT) -- U.S. insurer Athene Annuity & Life Assurance Co. has agreed to acquire publicly held New York insurance and annuity company Presidential Life Corp. for $415 million, the companies said Friday.

Athene will acquire all the outstanding shares of Presidential Life for $14 each in cash, the companies said. The share price is a roughly 38 percent premium over the $10.14 closing share price of Presidential Life on the NASDAQ Stock Exchange on Thursday.

The deal was announced by Presidential Life and Athene's Bermuda-based holding company, Athene...
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