Fidelity & Guaranty Life (FGL)

[Enterprising Investor]

Fidelity & Guaranty Life Provides Update On Its Review Of Strategic Alternatives (4/17/17)

Company Terminates Merger Agreement with Anbang Insurance Group

Board Continues to Evaluate Alternatives to Maximize Value for Shareholders

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.

http://www.prnewswire.com/news-releases/fidelity--guaranty-life-provides-update-on-its-review-of-strategic-alternatives-300440362.html