Fidelity & Guaranty Life: CF Corporation and Fidelity & Guaranty Life Report on Status of Merger

Tickers: FGL
CF Corporation and Fidelity & Guaranty Life Report on Status of
Merger
NEWS PROVIDED BY
CF Corporation
Oct 06, 2017, 19:06 ET

LAS VEGAS and DES MOINES, Iowa, Oct. 6, 2017 /PRNewswire / -- CF Corporation (NASDAQ: CFCO) ('CF Corp.'), a special purpose acquisition company, and Fidelity & Guaranty Life (NYSE: FGL) ('FGL'), a leading provider of fixed indexed annuities and life insurance in the U.S., today reported on the status of their previously announced merger transaction in which CF Corp. has agreed to acquire FGL for $31.10 per share in cash, or a total of approximately $1.835 billion, plus the assumption of $405 million of existing debt.

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On October 6, 2017, the Insurance Commissioner of the State of Iowa issued a Notice of Public Hearing to be held on Tuesday, November 7, 2017 (the 'Hearing'). The purpose of the Hearing is for the Iowa Insurance Division to consider whether the proposed acquisition of the Company complies with the standards set forth under applicable Iowa insurance laws. In addition, review of the acquisition by the New York Department of Financial Services is progressing; and the parties anticipate closing the acquisition by year end 2017.

Transaction Website
A website with additional information on the transaction can be found here: www.cfcorpandfidelity.com.

About CF Corporation
CF Corporation's primary objective is to build an enduring, high quality business by using permanent capital, a core tenet of the CF Corp. structure. CF Corp. also has the largest individual founder coinvestment in a U.S. special purpose acquisition company, which results in alignment of interests with CF Corp.'s investors.

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.
For more information, please visit www.fglife.com.

Forward-Looking Statements
This press release contains, and certain oral statements made by representatives of CF Corp. and FGL, and their respective affiliates, from time to time may contain, 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. CF Corp.'s and FGL's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward looking statements as predictions of future events. Words such as 'expect,' 'estimate,' 'project,' 'budget,' 'forecast,' 'anticipate,' 'intend,' 'plan,' 'may,' 'will,' 'could,' 'should,' 'believes,' 'predicts,' 'potential,' 'might' and 'continues,' and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, CF Corp.'s and FGL's expectations with respect to future performance and anticipated financial impact of the business combination, the satisfaction of the closing conditions to the business combination and the timing of the completion of the business combination. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside CF Corp.'s and FGL's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement relating to the proposed business combination; (2) the outcome of any legal proceedings that may be instituted against CF Corp. or FGL following the announcement of the merger agreement and the transactions contemplated therein; (3) the inability to complete the business combination, including due to failure to satisfy the conditions to
closing in the merger agreement; (4) delays in obtaining or the inability to obtain necessary regulatory approvals (including approval from insurance regulators) required to complete the transactions contemplated by the merger agreement; (5) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement or could otherwise cause the transaction to fail to close; (6) the inability to obtain or maintain the listing of the post-acquisition company's ordinary shares on a national stock exchange following the business combination; (7) the risk that the business combination disrupts current plans and operations as a result of the announcement and consummation of the business combination; (8) the ability to recognize the anticipated benefits of the business combination, which may be
affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (9) costs related to the business combination; (10) changes in applicable laws or regulations; (11) the possibility that FGL or the combined company may be adversely affected by other economic, business, and/or competitive factors; and (12) other risks and uncertainties identified in CF Corp.'s proxy statement relating to the business combination, including those under 'Risk Factors' therein, and in CF Corp.'s and FGL's other filings with the SEC. CF Corp. and FGL caution that the foregoing list of factors is not exclusive. CF Corp. and FGL caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. CF Corp. and FGL do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, subject to applicable law. The information contained in any website referenced herein is not, and shall not be deemed to be, part of or incorporated into this press release.

No Offer or Solicitation
This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the proposed transactions or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

CF Corporation Contacts:
Douglas B. Newton, Chief Financial Officer
CF Corporation
212-355-5515

Jonathan Keehner / Julie Oakes / Tim Ragones
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

FGL Contacts:
Investors:
Diana Hickert-Hill
Fidelity & Guaranty Life
Investor.Relations@fglife.com
410-487-0992

Media:
Jamie Tully / David Millar
Sard Verbinnen & Co
212-687-8080
SOURCE CF Corporation

Fidelity & Guaranty Life published this content on 12 October 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 12 October 2017 13:31:08 UTC.

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