FBL Financial Group Receives Insurance Regulatory Clearance for Proposed Transaction with Farm Bureau Property & Casualty Ins...
15 Abril 2021 - 7:00AM
Business Wire
Expedites Process toward Closing of the
Proposed Transaction
FBL Financial Group Special Committee Reminds
Shareholders to Vote “FOR” the Proposed Transaction on the
WHITE Proxy Card
FBL Financial Group, Inc. (NYSE: FFG) (“FBL Financial Group” or
“the Company”) today announced that the Iowa Insurance Division
(the “Division”) has completed its review of the proposed
acquisition by Farm Bureau Property & Casualty Insurance
Company (“FBPCIC”) of all of the outstanding shares of FBL
Financial Group Class A and Class B common stock, excluding shares
owned by FBPCIC and the Iowa Farm Bureau Federation, for $56.00 per
share in cash. Based on this review, the Division informed FBPCIC
that is not requiring FBPCIC to make a filing on Form A (“Statement
Regarding the Acquisition of, Control of, or Merger with a Domestic
Insurer”) in connection with the proposed transaction, satisfying
the applicable insurance regulatory closing conditions. Receipt of
clearance from the Division is an important step in the process to
closing the proposed transaction.
FBL Financial Group has scheduled a Special Meeting of
Shareholders to be held on April 29, 2021 to vote on the proposed
transaction. The members of the Special Committee of the FBL
Financial Group Board of Directors recommend that their fellow
shareholders vote “FOR” the proposed transaction on the
WHITE proxy card today.
If shareholders have questions about how to vote their shares,
they should immediately contact the Company’s proxy solicitor,
Okapi Partners, at (877) 629-6357 or at info@okapipartners.com.
About FBL Financial Group
FBL Financial Group is a holding company with the purpose to
protect livelihoods and futures. Operating under the consumer brand
name Farm Bureau Financial Services, its affiliates offer a broad
range of life insurance, annuity and investment products
distributed by multiline exclusive Farm Bureau agents. Helping
complete the financial services offering, advisors offer wealth
management and financial planning services. In addition, FBL
Financial Group manages all aspects of two Farm Bureau affiliated
property-casualty insurance companies for a management fee.
Headquartered in West Des Moines, Iowa, FBL Financial Group is
traded on the New York Stock Exchange under the symbol FFG. For
more information, please visit www.fblfinancial.com and
www.fbfs.com.
Additional Information and Where to Find It
In connection with the proposed transaction, FBL Financial Group
has filed with the Securities and Exchange Commission (the “SEC”) a
definitive proxy statement on Schedule 14A and a Schedule 13e-3
Transaction Statement, and may file other documents with the SEC
regarding the proposed transaction. This press release is not a
substitute for the definitive proxy statement or any other document
that FBL Financial Group may file with the SEC. INVESTORS IN, AND
SECURITY HOLDERS OF, FBL FINANCIAL GROUP ARE URGED TO READ THE
DEFINITIVE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT
ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS
OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY
BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT
THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and
security holders may obtain free copies of the definitive proxy
statement and accompanying WHITE proxy card, any amendments or
supplements to the proxy statement and other documents filed with
the SEC by FBL Financial Group through the web site maintained by
the SEC at www.sec.gov or by contacting the individuals listed
below.
Forward-Looking Statements
Some of the statements in this press release are forward-looking
statements (or forward-looking information). When we use words such
as “anticipate,” “intend,” “plan,” “seek,” “believe,” “may,”
“could,” “will,” “should,” “would,” “could,” “estimate,”
“continue,” “predict,” “potential,” “project,” “expect,” or similar
expressions, we do so to identify forward-looking statements.
Forward-looking statements are based on current expectations that
involve assumptions that are difficult or impossible to predict
accurately and many of which are beyond our control, including
general economic and market conditions, industry conditions,
operational and other factors. Actual results may differ materially
from those expressed or implied in these statements as a result of
significant risks and uncertainties, including, but not limited to,
the occurrence of any event, change or other circumstances that
could give rise to the termination of the merger agreement; the
inability to obtain the requisite shareholder approval for the
proposed transaction or the failure to satisfy other conditions to
completion of the proposed transaction; the risk that shareholder
litigation in connection with the proposed transaction may result
in significant costs of defense, indemnification and liability;
risks that the proposed transaction disrupts current plans and
operations; the ability to recognize the benefits of the
transaction; the amount of the costs, fees, and expenses and
charges related to the transaction; change in interest rates;
changes in laws and regulations; differences between actual claims
experience and underwriting assumptions; relationships with Farm
Bureau organizations; the ability to attract and retain sales
agents; adverse results from litigation; the impact of the COVID-19
pandemic and any future pandemics and the impact and results of the
contested solicitation by Capital Returns Management, LLC.
Additional information about these risks and uncertainties, as well
as others that may cause actual results to differ materially from
those projected, is contained in FBL Financial Group’s filings with
the SEC, including FBL Financial Group’s Annual Report on Form 10-K
and FBL Financial Group’s quarterly reports on Form 10-Q. The
statements in this press release speak only as of the date of this
press release and we undertake no obligation or intention to update
or revise any forward-looking statement, whether as a result of new
information, changes in assumptions, future developments or
otherwise, except as may be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210415005331/en/
FBL Financial Group:
Media: Bryan Locke and Lindsay Molk Sard Verbinnen & Co
FBLFinancial-SVC@sardverb.com
Investors: Kathleen Till Stange Vice President Corporate &
Investor Relations Kathleen.TillStange@FBLFinancial.com
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