TSX:GWO
WINNIPEG, MB, Nov. 8, 2024
/CNW/ - Great-West Lifeco Inc. ("Lifeco") has been notified of an
unsolicited mini-tender offer by Ocehan LLC, made to residents of
Canada, to purchase up to 50,000
common shares of Lifeco. The unsolicited offer represents a
discount of approximately 19.70% to the closing price of the common
shares on the TSX on October 24,
2024, the last trading day before the offer was
commenced.
Lifeco does not endorse Ocehan's unsolicited offer, has no
association with Ocehan or its offer, and does not recommend
acceptance of the offer. Ocehan's offer has been made at a price
below the current market price for the shares.
Mini-tender offers such as Ocehan's seek less than 5% of a class
of outstanding shares and so avoid many of the investor protections
like disclosure and procedural protections applicable to most bids
under Canadian law. Securities regulators 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 U.S. Securities and Exchange Commission has noted
that some bidders make these 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".
Lifeco urges shareholders to obtain current market quotes
for their shares and to consult with their broker or financial
advisor in considering Ocehan's offer. According to Ocehan's offer
documents, Lifeco shareholders who have already tendered their
shares can withdraw their shares no more than 30 days after the
date of delivery of their tender form to the depositary by
following the procedure described in the offer documents. Ocehan
has reserved the right to purchase an additional amount of shares
over and above 50,000 common shares, such additional amount not to
exceed 2% of the outstanding common shares.
To read more about the risks of mini-tender offers, please
review the Canadian Securities Administrators' comments at
https://docs.mbsecurities.ca/msc/notices/en/item/103061/index.do.
Lifeco requests that a copy of this news release be included in
any distribution of materials relating to Ocehan's mini-tender
offer for Lifeco common shares.
About Great-West Lifeco Inc.
Great-West Lifeco is a Canadian headquartered, international
financial services holding company with interests in life
insurance, health insurance, retirement and investment services,
asset management and reinsurance businesses. We operate in
Canada, the United States and Europe under the brands Canada Life, Empower,
and Irish Life. At the start of
2024, our companies had over 32,250 employees, 106,000 advisor
relationships, and thousands of distribution partners – serving
approximately 40 million customer relationships. Great-West Lifeco
trades on the Toronto (TSX) Stock
Exchange under the ticker symbol GWO and is a member of the Power
Corporation group of companies. To learn more, visit
greatwestlifeco.com.
SOURCE Great-West Lifeco Inc.