Shares of a northeastern insurer rose more than 8% Friday on news the company might be a takeover target, according to a published report.
Shares of Lincoln National Corp., Radnor, Pa., closed at $23.73 on Friday, a 10% gain. The stock price rise follows speculation, described in a MarketWatch Inc. article published Friday, that the Manufacturers Life Insurance Co., Toronto, is seeking to acquire the company.
Manulife’s shares also rose 3.4% on Friday, closing at $11.43.
Manulife Financial offered to buy Lincoln National for $32 per share, according to MarketWatch. Spokespersons at Lincoln National and Manulife declined to comment, says MarketWatch.
Manulife owns John Hancock Financial Services Inc., Boston, which it purchased in 2004 for nearly $11 billion in stock.