Manulife: Not behind the company’s mini-bid

Manulife: Not behind the company’s mini-bid

  • Business
  • November 23, 2022
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MANULIFE Financial Corp. (Manulife) on Tuesday warned investors about an unsolicited mini-tender launched by a certain Delaware First Holdings Llc.

In a statement, Manulife said it was briefed on an unsolicited mini-bid by Delaware First to purchase up to 20,000 shares of the insurer, or about 0.01 percent of its outstanding common stock.

Manulife said the offer was priced at HK$86 per share, which is below the current market price for the insurer’s shares.

“Manulife is in no way affiliated with Delaware First and does not recommend or endorse the acceptance of this unsolicited offer,” the company said in a statement released Nov. 20.

“Manulife warns shareholders that the Mini Tender Offer was made at a price below the current market price for Manulife shares,” the statement said.

The Canadian multinational insurance company urged its shareholders to be cautious and carefully review Delaware First’s bid documents. It added that investors should consult their investment advisers regarding any offers they receive.

“The offering represents a discount of approximately 37.68 percent and 36.30 percent, respectively, below the closing prices of Manulife common stock on the TSX [Toronto Stock Exchange] and SEHK [Stock Exchange of Hong Kong] on November 11, 2022, the last trading day before the start of the mini-tender offering, and a discount of 37.30 percent and 37.27 percent, respectively, below the closing prices on the TSX and SEHK on November 17, 2022,” the insurer said .

Manulife said it has stock transfer agents offering shareholder services in Canada, the United States, Hong Kong and the Philippines.

“These local representatives provide services directly to our registered shareholders and provide information on stock account management, direct dividend payments, dividend reinvestment and stock purchase plans,” said the company, which is headquartered in Torono, Canada.

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