C$ unless otherwise
stated TSX/NYSE/PSE: MFC SEHK:
945
TORONTO , Dec. 9, 2024
/PRNewswire/ - Manulife has been notified of an unsolicited
mini-tender offer made by New York Stock and Bond LLC (New York
Stock and Bond) to purchase up to 50,000 Manulife common shares, or
less than 0.003% of the common shares outstanding, at a price of
USD$12.50 per share.
Manulife is in no way associated with New York Stock and Bond
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 approximately
60.76% and 60.80%, respectively, below the closing prices of
Manulife common shares on the TSX and NYSE on November 27, 2024, the last trading day before
the mini-tender offer was commenced, and a discount of 61.43% and
61.42%, respectively, below the closing prices on the TSX and
NYSE on December 6, 2024.
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."
Shareholders should carefully review the New York Stock and Bond
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 New York Stock and
Bond's mini-tender offer for Manulife common shares.
About Manulife
Manulife Financial Corporation is a leading international
financial services provider, helping 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 2023, we had more than 38,000 employees,
over 98,000 agents, and thousands of distribution partners, serving
over 35 million customers. We trade as 'MFC' on the Toronto, New
York, and the Philippine stock exchanges, and under '945' in
Hong Kong.
Not all offerings are available in all jurisdictions. For
additional information, please visit manulife.com.
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SOURCE Manulife Financial Corporation