C$ unless otherwise
stated
TSX/NYSE/PSE: MFC SEHK: 945
TORONTO, Feb. 25,
2025 /CNW/ - Manulife has been notified of an
unsolicited mini-tender offer made by Ocehan LLC (Ocehan) to
purchase up to 50,000 Manulife common shares, or less than 0.003%
of the common shares outstanding, at a price of $34.20 per share.
Manulife is in no way associated with Ocehan 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 19.83% and
20.07%, respectively, below the closing prices of Manulife common
shares on the TSX and NYSE on February 3,
2025, the last trading day before the mini-tender offer was
commenced, and a discount of 20.35% and 20.12%,
respectively, below the closing prices on the TSX and NYSE on
February 24, 2025.
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 Ocehan 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 Ocehan's mini-tender
offer for Manulife common shares.
About Manulife
Manulife Financial Corporation is a leading international
financial services provider, helping our customers make their
decisions easier and lives better. With our global headquarters in
Toronto, Canada, we operate as
Manulife across Canada,
Asia, and Europe, and primarily as John Hancock in the
United States, providing financial advice and insurance for
individuals, groups and businesses. Through Manulife Wealth &
Asset Management, we offer global investment, financial advice, and
retirement plan services to individuals, institutions, and
retirement plan members worldwide. At the end of 2024, we had more
than 37,000 employees, over 109,000 agents, and thousands of
distribution partners, serving over 36 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.
Media Relations
Fiona
McLean
Manulife
437-441-7491
fiona_mclean@manulife.com
Investor Relations
Hung
Ko
Manulife
416-806-9921
hung_ko@manulife.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/manulife-cautions-investors-regarding-ocehan-llc-offer-for-shares-302385215.html
SOURCE Manulife Financial Corporation
