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.

Manulife has responded by repeating its earlier arguments that its offer for Canada Life, which is worth about $4.1billion in U.S. currency, is a good deal for Canada Life shareholders, given the current price of Canada Life shares.

“Manulife’s offer provides a 30% premium to the pre-announcement price,” Manulife says in its response. “It combines cash and the opportunity to exchange Canada Life shares for shares in a Canadian-based global leader in financial services.”