This is just a note for those that don’t read my ‘headlines of interest’–more particular headlines last night.
Annuity provider American Equity Investment (AEL) rejected an unsolicited buy out offer from Elliot Management. The article is here. I don’t know Elliot Management, but I don’t trust any of them to have MY interest in mine (I have no investment in these–but I have pondered it).
My only point in highlighting this is because ‘where there is smoke there may be fire’.
AEL has 2 issues of fixed to floating rate perpetual preferreds outstanding which are here.
THERE ARE NO PROTECTIONS FOR PREFERRED HOLDERS ON EITHER OF THESE ISSUES. Be aware of what you own.