M&A · Financials · Life Insurance
Farm Bureau Property & Casualty Insurance Company to acquire FBL Financial Group Inc
Announced Jan 11, 2021 · Closed May 25, 2021
Deal value$528M
Premium50.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash
Transaction
- Acquirer
- Farm Bureau Property & Casualty Insurance Company
- Target
- FBL Financial Group Inc
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed May 25, 2021
Deal protections
- Break fee (target pays)
- $18.5M · 3.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Barclays
- Barclays fee
- $1.0M
Sector context · Financials
- Comparable deals
- 7 in the prior 24 months
- Premium
- 50.0% vs. 48.0% sector median
- EV / Adj. EBITDA
- —
- Break fee
- 3.5% vs. 2.9% sector median
Timeline
- AnnouncedJan 11, 2021
- Proxy filedFeb 12, 2021
- Definitive proxyMar 17, 2021
- Shareholder voteApr 29, 2021
- ClosedMay 25, 2021
Valuation · fairness opinions
Trading comparables$35.64$41.58
Sum of the parts$229.00$267.20
Sum of the parts$9.33$10.88
Sum of the parts$45.86$60.10
Sum of the parts$44.52$55.65
Implied value per FBL Financial Group Inc share by analysis, from Barclays · DCF discount rate 7%–10%.