C$ unless otherwise stated
TSX/NYSE/PSE: MFC SEHK: 945
TORONTO, July 26,
2022 /PRNewswire/ - Manulife has been notified of an
unsolicited mini-tender offer made by Obatan LLC (Obatan) to
purchase up to 500,000 Manulife common shares, or approximately
0.026% of the common shares outstanding, at a price of USD$12.00 per share.
Manulife is in no way associated with Obatan and does not
recommend or endorse acceptance of this unsolicited offer.
Manulife cautions shareholders that the mini-tender offer has
been made at a price below the current market price for Manulife
shares. The offer represents a discount of 34.04% and 34.21%,
respectively, below the closing prices of Manulife common shares on
the TSX and NYSE on July 14, 2022,
the last trading day before the mini-tender offer was commenced,
and a discount of 37.67% and 37.71%, respectively, below the
closing prices on the TSX and NYSE on July
25, 2022.
Mini-tender offers are designed to seek less than 5% of a
company's outstanding shares, avoiding disclosure and procedural
requirements applicable to most bids under Canadian and U.S.
securities regulations. The Canadian Securities Administrators
(CSA) and the U.S. Securities and Exchange Commission (SEC) have
expressed serious concerns about mini-tender offers, including the
possibility that investors might tender to such offers without
understanding the offer price relative to the actual market price
of their securities.
The SEC states that "bidders make mini-tender offers at
below-market prices, hoping that they will catch investors off
guard if the investors do not compare the offer price to the
current market price."
According to Obatan's offer documents, Manulife shareholders who
have already tendered their shares can withdraw their shares at any
time before 5:00 P.M. New York City
Time on December 31, 2022, by
following the procedures described in the offer documents.
Shareholders should carefully review the Obatan offer documents
and current market price for Manulife shares, and consult their
investment advisors regarding any offer they may receive and review
with their advisors all options for their investment in Manulife
shares.
Manulife has stock transfer agents providing shareholder
services in Canada, the United States, Hong Kong and the
Philippines. These local agents provide services directly to
our registered shareholders and can provide information on share
account management, direct deposit of dividends, dividend
reinvestment and share purchase plans. Please email
manulifeinquiries@tmx.com for more information.
Manulife requests that a copy of this news release be included
in any distribution of materials relating to Obatan's mini-tender
offer for Manulife common shares.
About Manulife
Manulife Financial Corporation is a leading international
financial services provider that helps people make their decisions
easier and lives better. With our global headquarters in
Toronto, Canada, we provide
financial advice and insurance, operating as Manulife across
Canada, Asia, and Europe, and primarily as John Hancock in the
United States. Through Manulife Investment Management, the
global brand for our global wealth and asset management segment, we
serve individuals, institutions, and retirement plan members
worldwide. At the end of 2021, we had more than 38,000 employees,
over 119,000 agents, and thousands of distribution partners,
serving over 33 million customers. Our principal operations are in
Asia and Canada, and the
United States, where we have served customers for more than
160 years. We trade as 'MFC' on the Toronto, New
York, and the Philippine stock exchanges and under '945' in
Hong Kong. In the previous 12
months we made CAD$32.7 billion in
payments to our customers.
Not all offerings are available in all jurisdictions. For
additional information, please visit manulife.com.
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SOURCE Manulife Financial Corporation