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Manulife Gives Up Canada Life Bid

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NU Online News Service, March 3, 2003, 10:43 a.m. EDT – Manulife Financial Corp., Toronto, says it has decided to abandon its unsolicited effort to acquire Canada Life Financial Corp., Toronto, for the equivalent of $4.1 billion in U.S. currency.

A competitor, Great-West Lifeco Inc., Winnipeg, Manitoba, recently offered $4.8 billion for Canada Life. Great-West is a unit of Power Corporation of America, Montreal.

Manulife has decided against trying to match Great-West’s price. It has let a tender offer for Canada Life shares expire, and it says it is returning the shares already tendered.