TSX:GWO
WINNIPEG, MB, June 20, 2022 /PRNewswire/ -- Great-West Lifeco
has been notified of an unsolicited mini-tender offer by Obatan
LLC, made to residents of Ireland,
to purchase up to 50,000 common shares of Great-West Lifeco (TSX:
GWO). The unsolicited offer represents a discount of 34.64% to the
closing price of the common shares, on the TSX on June 3, 2022, the last trading day before the
offer was commenced. The common shares do not trade on a recognized
stock exchange in Ireland.
Great-West Lifeco does not endorse Obatan's unsolicited offer,
has no association with Obatan or its offer, and does not recommend
acceptance of the offer. Obatan's offer has been made at a price
below the current market price for the shares.
Mini-tender offers such as Obatan's seek less than 5% of a class
of outstanding shares and so avoid many of the investor protections
like disclosure and procedural protections applicable to most bids
under Canadian law. Securities regulators 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 U.S. Securities and Exchange Commission has noted
that some bidders make these 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".
Great-West Lifeco urges shareholders to obtain current
market quotes for their shares and to consult with their broker or
financial advisor in considering Obatan's offer. According to
Obatan's offer documents, shareholder tenders are irrevocable and
cannot be withdrawn once lodged. Further, tendering shareholders do
not have the option to tender only a portion of their shares.
Obatan has reserved the right to purchase an additional amount of
shares over and above 50,000 common, such additional amount not to
exceed 2% of the outstanding common shares.
To read more about the risks of mini-tender offers, please
review the Canadian Securities Administrators' comments at
https://docs.mbsecurities.ca/msc/notices/en/item/103061/index.do.
Great-West Lifeco requests that a copy of this news release be
included in any distribution of materials relating to Obatan's
mini-tender offer for Lifeco common shares.
About Great-West Lifeco Inc.
Great-West Lifeco is an international financial services holding
company with interests in life insurance, health insurance,
retirement and investment services, asset management and
reinsurance businesses. We operate in Canada, the United
States and Europe under the
brands Canada Life, Empower, Putnam Investments, and Irish Life.
At the end of 2021, our companies had approximately 28,000
employees, 215,000 advisor relationships, and thousands of
distribution partners – all serving our more than 33 million
customer relationships across these regions.
Great-West Lifeco trades on the Toronto (TSX) Stock Exchange under the ticker
symbol GWO and is a member of the Power Corporation group of
companies. To learn more, visit greatwestlifeco.com.
Media Relations: Liz
Kulyk, 204-391-8515, Media.Relations@canadalife.com;
Investor Relations: Deirdre Neary,
647-328-2134, Deirdre.Neary@canadalife.com