Farm Bureau Property & Casualty Insurance Co. and FBL Financial Group, Inc. today announced that they have agreed to amend their previously announced definitive merger agreement, sweetening the deal for unaffiliated shareholders by another $47 million. The companies said they would now offer $61 per share in cash for shares that aren’t already owned by FBPCIC or Iowa Farm Bureau Federation, an increase from the $56 per share under the definitive agreement dated Jan. 11. The amendment was approved by the boards of both FBPCIC and FBL Financial Group. The revised offer represents an increase of 8.9% and 63.8%, respectively, over the previously agreed offer price of $56 per share and FBL Financial Group’s unaffected closing share price of $37.25 on Sept. 3, 2020. The aggregate purchase price under the amended agreement now stands at about $575 million. “The revised terms of our agreement represent our best and final offer and reflect FBPCIC’s commitment to completing this transaction,” said Richard Felts, chairman of the board of FBPCIC. “As we have long said, FBL Financial Group and its affiliated companies make up a superb organization. We look forward to supporting its future as a private company, and to continue working to strengthen its relationships with its customers and communities.” Capital Returns Management LLC, an FBL shareholder that had opposed the merger, has signed an agreement to vote its shares in favor of the transaction, FBL said in its release. Capital Returns also said it will withdraw its solicitation of proxies to vote against approval of the merger agreement. The company’s special shareholders meeting is now scheduled for May 21 in West Des Moines.