#Canada #Toronto #Manulife #New York Stock and Bond #investment caution

Manulife Issues Warning Over Mini-Tender Offer by New York Stock and Bond LLC

In a recent announcement, Manulife Financial Corporation has informed investors of an unsolicited mini-tender offer made by New York Stock and Bond LLC. The offer seeks to acquire up to 50,000 shares of Manulife, which amounts to a mere 0.003% of its outstanding common shares, at a rate of USD$12.50 per share.

Manulife has made it clear that it has no connection to New York Stock and Bond and does not support or endorse this unsolicited offer. Notably, the share price proposed in the mini-tender offer reflects a significant discount compared to Manulife's current market values—approximately 60.76% and 60.80% lower than the closing prices on the Toronto Stock Exchange (TSX) and New York Stock Exchange (NYSE) respectively on November 27, 2024. Moreover, a similar discount of 61.43% and 61.42% was observed relative to closing prices on December 6, 2024.

The nature of mini-tender offers allows bidders to acquire less than 5% of a company’s shares, thereby avoiding the more stringent disclosure and procedural regulations that govern substantial offers in Canada and the U.S. The Canadian Securities Administrators (CSA) and the U.S. Securities and Exchange Commission (SEC) have raised serious concerns regarding these mini-tender offers, particularly highlighting the danger that unwary investors might accept offers without having a clear understanding of how the offered price aligns with the market value of their securities.

According to the SEC, “bidders often make mini-tender offers at prices below the market rate, aiming to catch investors by surprise if they do not weigh the offer against the prevailing market price.” As such, investors are urged to carefully analyze the documents associated with the offer from New York Stock and Bond and to consult with their financial advisors regarding the implications of such offers on their investments in Manulife shares.

To further assist shareholders, Manulife offers stock transfer agent services throughout Canada, the United States, Hong Kong, and the Philippines. These agents facilitate direct communication and provide support related to managing share accounts, dividend direct deposits, reinvestment, and purchasing plans. Shareholders seeking further details can reach out via email at [email protected]

Manulife requests that this announcement is included in any discussions involving New York Stock and Bond’s unsolicited offer.

About Manulife

Manulife Financial Corporation stands out as a prominent international financial services provider, dedicated to simplifying decision-making for individuals and enhancing their quality of life. The firm, with its global headquarters situated in Toronto, Canada, operates under the Manulife brand across Canada, Asia, and Europe, and is primarily known as John Hancock in the United States. The company provides a broad array of services, including financial consulting and insurance, and under the Manulife Investment Management banner, it caters to a variety of clients—individuals, institutions, and retirement plan members—on a global scale. As of the end of 2023, the organization boasts over 38,000 employees and more than 98,000 agents worldwide, serving upwards of 35 million customers. Investors can find Manulife's stock trading under 'MFC' on the Canadian, New York, and Philippine exchanges, while its Hong Kong shares are denoted as '945.'

Not all offerings are universally available, and for additional insights, Manulife's comprehensive information can be accessed via their website at manulife.com.