Midwest Holding to be acquired by Antarctica Capital for $27.00 per share

Midwest Holding and Antarctica Capital announced they have entered into a definitive merger agreement whereby an affiliate of Antarctica will acquire Midwest in an all-cash transaction valued at approximately $100M. 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, and a 75% premium over Midwest’s 30-day volume-weighted average price as of April 28. Following closing, 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. The transaction has been unanimously approved by Midwest’s Board of Directors and 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 representing approximately 33% of the company’s issued and outstanding shares have agreed to vote their shares in favor of the transaction. The transaction is not subject to any financing conditions.