(Reuters) – Annuities provider American Equity Investment Life (NYSE:AEL) Holding said on Tuesday it has received a takeover offer from its biggest shareholder, valuing the long-sought merger candidate at nearly $4.3 billion.

The offer from the reinsurance arm of Canadian investment firm Brookfield comes months after AEL rejected a nearly $4 billion bid from Elliott Investment Management-backed insurance firm Prosperity Life, saying it “significantly undervalued” the company.

AEL had also fielded takeover interest from Athene Holding (NYSE:ATH) and Massachusetts Mutual Life Insurance Company in 2020.

Brookfield Reinsurance has offered $55 for each share of AEL it does not already own.

The offer price marks a 35% premium to AEL’s closing price on Friday, before media reports on a possible takeover proposal from Brookfield.

Shares of AEL were up 13.3% at $51.10 in premarket trading. The stock has lost 1% so far this year, as of last close.

Brookfield’s offer consists of $38.85 per share in cash and the rest in Brookfield Asset Management limited voting shares.

Brookfield has been aggressively beefing up its reinsurance business. In February, Brookfield Reinsurance also signed a $1.1 billion deal to take Argo Group International private.

AEL said its board will review the offer and a deal is not guaranteed. If the deal with AEL is completed, it would boost Brookfield Reinsurance’s assets under management to nearly $100 billion.

AEL provides annuities – an insurance contract customers typically buy for a steady income stream after retiring.

Ardea Partners and J.P. Morgan are advising AEL on the offer.