Manulife Responds to Unsolicited Mini-Tender Offer from NYSB for Shares

Manulife's Caution on NYSB's Mini-Tender Offer

Manulife Financial Corporation, a prominent international financial services provider, has recently informed its shareholders about an unsolicited mini-tender offer from New York Stock and Bond LLC (referred to as NYSB). This offer aims to acquire up to 250,000 common shares of Manulife, accounting for a mere 0.02% of the company's total outstanding shares. Remarkably, the proposed purchase price of USD $18.50 per share is substantially lower than the prevailing market rates.

As of March 13, 2025, the last trading day before this mini-tender offer was initiated, the Manulife shares were trading at a much higher closing price on both the TSX and NYSE. Specifically, the prices reflected a hefty discount of approximately 34.98% and 34.88%, respectively. Furthermore, on April 1, 2025, the share prices were even more elevated, with discounts of 41.61% and 41.75% below the market value.

Understanding Mini-Tender Offers

Mini-tender offers are typically designed to purchase less than 5% of a company's outstanding shares. By doing so, they often circumvent the extensive disclosure and procedural requirements mandated by Canadian and U.S. securities regulations. This loophole raises serious concerns, as highlighted by regulatory bodies such as the Canadian Securities Administrators (CSA) and the U.S. Securities and Exchange Commission (SEC).

The SEC has explicitly pointed out potential pitfalls associated with these mini-tender offers. They assert that bidders frequently propose below-market prices in hopes of catching investors unaware, particularly if those shareholders neglect to compare the offer price with the current market value of their securities.

A Call for Caution

In light of these developments, Manulife strongly advises its shareholders to exercise caution. Shareholders are encouraged to meticulously scrutinize the offer documents provided by NYSB, juxtaposing them against the market values of Manulife shares. Additionally, it is prudent for investors to seek guidance from financial advisors regarding the unsolicited offer. This precaution will empower shareholders to make well-informed decisions concerning their investments in Manulife shares.

Manulife's shareholder services, available through stock transfer agents across Canada, the United States, Hong Kong, and the Philippines, stand ready to assist registered shareholders. These services encompass essential tasks such as managing share accounts, directing dividend deposits, and providing insights into dividend reinvestment and share purchase plans. For any inquiries or detailed information, shareholders can reach out via email at [email protected]

About Manulife

Founded in Toronto, Canada, Manulife Financial Corporation is dedicated to providing exceptional financial services globally. Operating under the Manulife brand in Canada, Asia, and Europe, and as John Hancock in the United States, the company targets individual, group, and business financing solutions, including insurance and financial advice. Furthermore, through its Manulife Wealth Asset Management division, it extends a comprehensive suite of investment and retirement planning services to a diverse clientele, encompassing individuals, institutions, and retirement plan participants across the globe. As of the close of 2024, Manulife proudly counts more than 37,000 employees and over 109,000 agents among its ranks, catering to the needs of over 36 million customers worldwide. On stock exchanges worldwide, Manulife is publicly traded as 'MFC' on the Toronto, New York, and the Philippine stock exchanges, and as '945' in Hong Kong.

Be sure to consult with your investment advisor and consider all options regarding your holdings in Manulife shares. Stay informed and protect your investments wisely.

For additional details on this announcement or to discuss the implications of the NYSB offer, please refer to the resources available at Manulife's official website or directly contact their media relations team.