Manulife Financial Corporation Responds to TRC's "Mini-Tender" Offer
Manulife Financial Corporation (NYSE: MFC) has received notice of an unsolicited "mini-tender" offer made by TRC Capital Corporation to purchase up to 5,000,000, or 0.28 per cent, of the Company's issued and outstanding common shares. The offer price of $12.40 per share was 4.62 per cent below the $13.00 closing price of Manulife's common shares on the Toronto Stock Exchange on September 29, 2010, the date immediately preceding the date the offer was commenced. On October 8, 2010, the closing price of Manulife's common shares on the Toronto Stock Exchange was $12.41.
Manulife makes no recommendation as to whether shareholders should tender their shares in response to TRC's unsolicited offer. However, securities administrators in Canada and the United States have recommended that investors exercise caution in connection with "mini-tender" offers because they are subject to few regulatory requirements. Shareholders should consult their investment advisors regarding the TRC offer.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.