M&A · Financials · Life Insurance
Antarctica Capital, LLC to acquire Midwest Holding Inc.
Announced May 1, 2023 · Closed Dec 21, 2023
Deal value$100M
Premium97.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$27.00 per share
Transaction
- Acquirer
- Antarctica Capital, LLC
- Target
- Midwest Holding Inc.
- Buyer type
- Strategic
- Offer price per share
- $27.00
- Enterprise value
- —
- Status
- Closed Dec 21, 2023
Deal protections
- Break fee (target pays)
- $3.6M · 3.6%
- Reverse fee (buyer pays)
- $6.2M · 6.2%
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Not disclosed
Sector context · Financials
- Comparable deals
- 74 in the prior 24 months
- Premium
- 97.0% vs. 29.4% sector median
- EV / Adj. EBITDA
- Sector median 24.7x
- Break fee
- 3.6% vs. 3.5% sector median
Timeline
- AnnouncedMay 1, 2023
- Proxy filedJun 5, 2023
- Definitive proxyJun 16, 2023
- Shareholder voteJul 26, 2023
- ClosedDec 21, 2023
Valuation · fairness opinions
Trading comparables$11.87$15.83
Trading comparables$14.46$21.69
Trading comparables$20.56$32.31
Precedent transactions$13.13$22.51
Precedent transactions$15.83$22.36
Offer $27.00
Implied value per Midwest Holding Inc. share by analysis · DCF discount rate 16%–20%.