Midwest Holding’s (NASDAQ: MDWT) shares are soaring, almost 90% at the time of writing, following the announcement that Antarctica Capital will acquire the firm in an all-cash deal worth around $100 million. As per the agreement, Midwest shareholders are set to receive $27 in cash per share, a 97% premium on the company’s closing share price, on April 28, 2023. After the acquisition, the existing leadership team will stay in place to continue managing the company.
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In addition, Midwest intends to retain its name, staff, Lincoln, Nebraska headquarters, and operational hubs in New York and Vermont. The company’s board has given their unanimous approval for the deal, which is expected to be finalized in the latter half of 2023. Notably, there are no financing conditions attached to the agreement.
A look at the past three months for MDWT stock highlights the level of impact today’s news had on it. As a result, investors are now up almost 52% during this timeframe.
