Protective Life Shareholders Approve Acquisition By Dai-ichi

(RTTNews) - Protective Life Corp. (PL) said Monday that its shareholders have approved the Agreement and Plan of Merger dated June 3, 2014, with Dai-ichi Life Insurance Company, Ltd. and DL Investment (Delaware), Inc., a Delaware corporation and wholly owned subsidiary of Dai-ichi.

The agreement provides for the merger of DL Investment (Delaware), Inc. with and into Protective Life, with Protective Life surviving the merger as a wholly owned subsidiary of Dai-ichi.

The deal is progressing as expected and Protective Life continues to expect closing in late 2014 or early 2015.

Completion of the merger remains subject to various pending regulatory approvals in Japan and the U.S. and other customary closing conditions.

Upon completion of the deal, each share of Protective common stock will convert into the right to receive $70.00 in cash, representing a total deal value of about $5.7 billion.