BIRMINGHAM, Ala. & TOKYO--(BUSINESS WIRE)--The Dai-ichi Life Insurance Company, Limited (TSE: 8750), (“Dai-ichi Life”) and Protective Life Corporation (NYSE: PL), (“Protective”) today announced that Dai-ichi has received all necessary approvals from regulatory authorities in the United States and Japan for the previously announced proposed acquisition of all of the outstanding shares of common stock of Protective Life Corporation pursuant to the Agreement and Plan of Merger entered into on June 3, 2014 (the “Merger Agreement”).
The parties to the Merger Agreement intend to close the acquisition transaction with an effective date of February 1, 2015. On the effective date, each outstanding share of Protective common stock will convert into the right to receive $70.00 in cash, without interest.
ABOUT DAI-ICHI LIFE
The Dai-ichi Life Insurance Company, Limited (“Dai-ichi Life”) (TSE:8750) is the second largest private life insurance company in Japan as measured by total assets as of March 31, 2014.
Founded on September 15, 1902, Dai-ichi Life was the oldest mutual insurance company in Japan until it was demutualized and listed on the Tokyo Stock Exchange on April 1, 2010.
As of March 31, 2014, total assets were ¥37.7 trillion (USD$366.3 billion) on a consolidated basis. Based in Tokyo, Dai-ichi Life has approximately 67,000 employees and 1,345 sales offices throughout Japan. It also has overseas life insurance businesses in Vietnam, Australia, Thailand, Indonesia and India as well as offices in New York, London, Hong Kong, Beijing and Shanghai.
For more information about Dai-ichi Life, please visit: http://www.dai-ichi-life.co.jp/english/.
Protective Life Corporation is headquartered in Birmingham, Alabama and traded on the New York Stock Exchange under the ticker symbol PL. The Company provides financial services through the production, distribution and administration of insurance and investment products throughout the U.S. It has annual revenues of approximately $4.0 billion and as of December 31, 2013 had assets of approximately $68.8 billion.
For more information on Protective, please visit www.protective.com.
Statements in this press release that relate to future results and events are forward-looking statements based on the Company’s current expectations. Actual results and events in future periods may differ materially from those expressed or implied by these forward-looking statements because of a number of risks, uncertainties and other factors. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks, uncertainties and assumptions include, but are not limited to the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement or the inability to complete the proposed merger due to, among other things, the occurrence or existence of a material adverse condition.
Actual events may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements represent the Company’s views as of the date on which such statements were made. Subsequent events and developments could cause the Company’s views to change. Although the Company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date hereof. Additional factors that may cause events to differ materially from those described in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013, which was filed with the Securities and Exchange Commission on February 28, 2014, under the heading “Item 1A—Risk Factors and Cautionary Factors that May Affect Future Results,” and in subsequent reports on Forms 10-Q and 8-K filed with the SEC by the Company.