C$ unless otherwise
stated
TSX/NYSE/PSE: MFC SEHK: 945
TORONTO, Aug. 16, 2021 /CNW/ - 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 37.30% and 37.37%,
respectively, below the closing prices of Manulife common shares on
the TSX and NYSE on August 3, 2021,
the last trading day before the mini-tender offer was commenced,
and a discount of 41.02% and 41.03%, respectively, below the
closing prices on the TSX and NYSE on August
13, 2021.
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 October 6, 2021 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@astfinancial.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 operate as Manulife across our offices in Canada, Asia,
and Europe, and primarily as
John Hancock in the United States. We provide financial
advice, insurance, and our global wealth and asset management
segment, Manulife Investment Management, serves individuals,
institutions and retirement plan members worldwide. At the end of
2020, we had more than 37,000 employees, over 118,000 agents, and
thousands of distribution partners, serving over 30 million
customers. As of June 30, 2021, we
had CAD$1.3 trillion (US$1.1 trillion) in assets under management and
administration, and in the previous 12 months we made $31.3 billion in payments to our customers. Our
principal operations are in Asia,
Canada and the United States where we have served
customers for more than 155 years. We trade as 'MFC' on the
Toronto, New York, and the Philippine stock exchanges
and under '945' in Hong Kong.
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SOURCE Manulife Financial Corporation