Manulife Says It's In No Way Associated With Mini-Tender Offer By Ocehan at $42.70/Share; Doesn't Recommend Or Endorse Acceptance Of This Unsolicited Offer
Benzinga Newsdesk 4 hours ago
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Manulife has been notified of an unsolicited mini-tender offer made by Ocehan LLC (Ocehan) to purchase up to 100,000 Manulife common shares, or less than 0.006% of the common shares outstanding, at a price of $47.20 per
Manulife has been notified of an unsolicited mini-tender offer made by Ocehan LLC (Ocehan) to purchase up to 100,000 Manulife common shares, or less than 0.006% of the common shares outstanding, at a price of $47.20 per share.
Manulife cautions shareholders that the mini-tender offer has been made at a price below the current market price for Manulife shares. The offer represents a discount of approximately 24.68% and 24.79%, respectively, below the closing prices of Manulife common shares on the TSX and NYSE on October 16, 2026, the last trading day before the mini-tender offer was commenced, and a discount of 23.41% and 23.30%, respectively, below the closing prices on the TSX and NYSE on November 5, 2026.
Mini-tender offers are designed to seek less than 5% of a company's outstanding shares, avoiding disclosure and procedural requirements applicable to most bids under Canadian and U.S. securities regulations. The Canadian Securities Administrators (CSA) 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." The SEC has issued "Tips for Investors" regarding mini-tender offers. The SEC's advisory can be found on its website at: www.sec.gov/investor/pubs/minitend.htm.
Information on the CSA's long-standing guidance on mini-tenders can be found on the Ontario Securities Commission website at: www.osc.ca/en/securities-law/instruments-rules-policies/6/61-301/csa-staff-notice-61-301-staff-guidance-practice-mini-tenders.
Shareholders should carefully review the Ocehan offer documents and current market price for Manulife shares and consult their investment advisors regarding any offer they may receive and review with their advisors all options for their investment in Manulife shares.