The shareholders of West Des Moines, Iowa-based FBL Financial Group Inc. have approved a previously announced purchase of its stock by Farm Bureau Property & Casualty Insurance Co. (FBPCIC), the company said.
Under the transaction, FBPCIC will acquire all of the outstanding shares of FBL Financial Group Class A and Class B common stock, excluding shares owned by FBPCIC and the Iowa Farm Bureau Federation (IFBF), for $61.00 per share in cash.
After certification by the inspector of elections, the final voting results will be filed with the U.S. Securities and Exchange Commission in a Form 8-K, which will also be available at www.sec.gov.
The shareholder approval satisfies one of the conditions to the closing of the pending transaction. The parties have also received all regulatory approvals required for closing and expect to be in position to complete the merger in the coming days, subject to the satisfaction or waiver of the remaining conditions to closing.
Upon completion of the transaction, IFBF will continue to be the majority owner of the company, and FBL Financial Group common stock will cease trading on the New York Stock Exchange.
FBL Financial Group is a holding company with the purpose to protect livelihoods and futures. Operating under the consumer brand name Farm Bureau Financial Services, its affiliates offer a broad range of life insurance, annuity and investment products distributed by multiline exclusive Farm Bureau agents.
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