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C$ unless otherwise stated TSX/NYSE/PSE: MFC SEHK: 945
TORONTO, April 3, 2025 /PRNewswire/ - Manulife has been notified of an unsolicited mini-tender offer made by New York Stock and Bond LLC ("NYSB") to purchase up to 250,000 Manulife common shares, or less than 0.02% of the common shares outstanding, at a price of USD$18.50 per share.
Manulife is in no way associated with NYSB 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 34.98% and 34.88%, respectively, below the closing prices of Manulife common shares on the TSX and NYSE on March 13, 2025, the last trading day before the mini-tender offer was commenced, and a discount of 41.61% and 41.75%, respectively, below the closing prices on the TSX and NYSE on April 1, 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 NYSB 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.