DES MOINES, Iowa, April 17, 2017 /PRNewswire/ -- Fidelity &
Guaranty Life ("FGL" or the "Company"; NYSE: FGL) today announced
updates on its review of strategic alternatives. FGL has
terminated its merger agreement with Anbang Insurance Group (the
"Merger Agreement").
The Company's Board of Directors is continuing to evaluate
strategic alternatives to maximize shareholder value and has
received interest from a number of parties. As permitted under the
February 9, 2017 amendment to the
Merger Agreement, FGL has been exploring and negotiating strategic
alternatives with other parties. The Company was not permitted to
enter into a definitive agreement with a third party while the
Merger Agreement was in effect, but as a result of the termination
of the Merger Agreement, FGL has no remaining obligations under the
Merger Agreement and may enter into an alternative transaction.
"We have determined that it is no longer in the best interests
of FGL's shareholders to continue to pursue the transaction with
Anbang," said Chris Littlefield,
President and CEO of FGL. "Our business remains strong, we continue
to focus on delivering on our plan for the year and our
distribution partners and employees continue to be committed to our
success. FGL is an attractive platform and we are well
positioned to realize value for our shareholders as our Board
continues to evaluate strategic alternatives."
There can be no assurance that FGL's evaluation of strategic
alternatives will result in a transaction, or that any transaction,
if pursued, will be consummated. FGL's evaluation of strategic
alternatives may be terminated at any time with or without notice.
FGL does not intend to disclose developments with respect to this
process until such time that it determines otherwise in its sole
discretion or as required by applicable law.
About Fidelity & Guaranty Life
Fidelity & Guaranty Life, an insurance holding company,
helps middle-income Americans prepare for retirement. Through its
subsidiaries, the company offers fixed annuity and life insurance
products distributed by independent agents through an established
network of independent marketing organizations. Fidelity &
Guaranty Life is headquartered in Des
Moines, Iowa and trades on the New York Stock Exchange under
the ticker symbol FGL. For more information, please visit
www.fglife.com.
Forward Looking Statements
"Safe Harbor" Statement Under the Private Securities Litigation
Reform Act of 1995: This press release contains, and certain oral
statements made by our representatives from time to time may
contain, forward-looking statements, including as to FGL's
evaluation of strategic alternatives. Such statements are subject
to risks and uncertainties that could cause actual results, events
and developments to differ materially from those set forth in, or
implied by, such statements. These statements are based on the
beliefs and assumptions of FGL's Board of Directors and management.
Forward-looking statements are generally identifiable by use of the
words "intends," "believes," "may," "will," "could," "might,"
"continues," "look" or "confident" or similar words or expressions.
Factors that could cause actual results, events and developments to
differ include, without limitation: the accuracy of FGL's
assumptions and estimates; FGL's and its insurance subsidiaries'
ability to maintain or improve financial strength ratings; FGL's
ability to manage its business in a highly regulated industry;
regulatory changes or actions; the impact of FGL's reinsurers
failing to meet their assumed obligations; restrictions on FGL's
ability to use captive reinsurers; the impact of interest rate
fluctuations; changes in the federal income tax laws and
regulations; litigation (including class action litigation),
enforcement investigations or regulatory scrutiny; the performance
of third parties; the loss of key personnel; telecommunication,
information technology and other operational systems failures; the
continued availability of capital; new accounting rules or changes
to existing accounting rules; general economic conditions; FGL's
ability to protect its intellectual property; the ability to
maintain or obtain approval of the Iowa Insurance Department and
other regulatory authorities as required for FGL's operations;
possible risks and uncertainties arising from FGL's evaluation of
strategic alternatives; and other factors discussed in FGL's
filings with the SEC including in its Form 10-K for the year ended
September 30, 2016, and its Form 10-Q
for the quarter ended December 31,
2016, which can be found at the SEC's website
www.sec.gov.
All forward-looking statements described herein are qualified by
these cautionary statements and there can be no assurance that the
actual results, events or developments referenced herein will occur
or be realized. FGL does not undertake any obligation to update or
revise forward-looking statements to reflect changed assumptions,
the occurrence of unanticipated events or changes to future
operation results, except as required by applicable law.
Media Contact:
Sard Verbinnen & Co
Jamie Tully/David Millar
212-687-8080
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SOURCE Fidelity & Guaranty Life