Markets: News  

Athene to buy Presidential Life for $415 million

NEW YORK (MarketWatch) -- Athene Holding Ltd. will acquire Presidential Life Corp. for $14 per share in cash, totaling $415 million approximately, the companies said Friday. The price reflects around a 38% premium to Presidential's closing price in the previous session. The transaction is expected to close in late 2012 and is subject to the approval of the New York State Department of Financial Services and the holders of a majority of the outstanding shares of Presidential Life common stock. Share price of Presidential spiked 36% in morning trade.