NU Online News Service, Dec. 27, 12:26 p.m. – Manulife Financial Corp., Toronto, has made an official unsolicited offer to acquire Canada Life Financial Corp., Toronto, by mailing a 72-page proposal to the company’s stockholders.
Manulife is offering the Canada Life stockolders the equivalent of about $25 in U.S. currency per share, or about $4 billion for the whole company.
Canada Life executives argued earlier, when Manulife made an unofficial announcement of its takeover plans, that the price is too low.