TORONTO, Jan. 5, 2021 /PRNewswire/ - Sun Life Financial
Inc. (the "Company" or "Sun Life") (TSX: SLF) (NYSE: SLF) has been
notified that Obatan LLC ("Obatan") has made an unsolicited
"mini-tender offer" to purchase up to 50,000 common shares of Sun
Life or approximately 0.0085% of the common shares outstanding at a
price of US$35 per share.
Sun Life is not associated with Obatan and does not recommend or
endorse acceptance of this unsolicited offer.
Sun Life cautions that Obatan's offer has been made at a price
that is significantly lower than recent market prices for Sun Life
shares on Canadian and U.S. stock exchanges. This offer represents
a discount of 19.90% and 19.84% respectively below the closing
price of Sun Life's common shares on the TSX and NYSE on
December 18, 2020, the last trading
day before the mini-tender offer was commenced and a discount of
20.94% and 20.80% respectively below the closing prices on
the TSX and NYSE on January 4,
2021.
Securities administrators in Canada and the
United States recommend that investors exercise caution with
"mini-tender offers". Mini-tender offers are designed
to avoid disclosure and procedural requirements applicable to most
bids under Canadian and U.S. securities regulations. Canadian
Securities Administrators and the U.S. Securities and Exchange
Commission (SEC) have expressed serious concerns about mini-tender
offers, including the possibility that investors might tender to
such offers without understanding the offer price relative to the
actual market price of their securities.
The SEC has indicated that "bidders make mini-tender offers at
below-market prices, hoping that they will catch investors off
guard if the investors do not compare the offer price to the
current market price."
According to Obatan's offer documents, Sun Life shareholders who
have already tendered their shares can withdraw their shares at any
time before 8:00 P.M. New York City
Time on February 2, 2021 by following
the procedures described in the offer documents. Shareholders are
cautioned that the terms of the Obatan offer may be varied, and the
cash consideration offered may be decreased. In such a case,
shareholders who have already tendered to the offer may have
limited notice of such change and limited time to withdraw their
shares from the offer. There are also no assurances that
Obatan will buy the shares delivered under the offer.
Shareholders and policyholders should carefully review the
Obatan offer documents, consult with their Sun Life advisor or
investment advisor to discuss any offer they may receive and review
all options they have for their investment in Sun Life shares. If
you are in Canada and do not have
a Sun Life advisor and are interested in finding one, please visit
https://www.sunlife.ca/en/find-an-advisor/.
Sun Life has stock transfer agents providing shareholder
services in Canada, the United
States, the United Kingdom, Hong Kong and the
Philippines. These local agents
provide services directly to our registered shareholders and can
provide information on share account management, direct deposit of
dividends, dividend reinvestment and share purchase plans. Please
email sunlifeinquiries@astfinancial.com for more
information.
Sun Life requests that a copy of this news release be included
in any distribution of materials relating to Obatan's mini-tender
offer for Sun Life common shares.
About Sun Life
Sun Life is a leading international financial services
organization providing insurance, wealth and asset management
solutions to individual and corporate Clients. Sun Life has
operations in a number of markets worldwide, including Canada, the United
States, the United Kingdom,
Ireland, Hong Kong, the
Philippines, Japan,
Indonesia, India, China,
Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2020, Sun
Life had total assets under management of $1,186 billion. For more information please
visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New
York (NYSE) and Philippine (PSE) stock exchanges under the
ticker symbol SLF.
Note to editors: All figures in Canadian dollars
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SOURCE Sun Life Financial Inc.