Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
ThinkAdvisor

Life Health > Life Insurance

Manulife Gives Up Canada Life Bid

X
Your article was successfully shared with the contacts you provided.

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.


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.