NU Online News Service, Dec. 13, 6:57 p.m. – Canada Life Financial Corp., Toronto, has confirmed earlier hints that it would reject an unsolicited, informal takeover offer from Manulife Financial Corp., Toronto.
“The board is of the view that Manulife’s proposed offer does not reflect the value of the company,” Canada Life states in a press release announcing its decision.
Canada Life notes that Manulife has not yet made a formal offer, and it says it will be looking for “strategic alternatives” to the initial Manulife bid.