TSX:GWO
WINNIPEG, MB, Aug. 9, 2024
/CNW/ - Great-West Lifeco Inc. ("Lifeco") has been notified of an
unsolicited mini-tender offer by Okello Ltd, made to residents of
Ireland, to purchase up to 50,000
common shares of Lifeco. The unsolicited offer represents a
discount of approximately 39% to the closing price of the common
shares on the TSX on July 29, 2024,
the last trading day before the offer was commenced. The common
shares do not trade on a recognized stock exchange in Ireland.
Lifeco does not endorse Okello's unsolicited offer, has no
association with Okello or its offer, and does not recommend
acceptance of the offer. Okello's offer has been made at a price
below the current market price for the shares.
Mini-tender offers such as Okello'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 Okello's offer. According to Okello's offer
documents, shareholder tenders are irrevocable and cannot be
withdrawn once lodged. Further, tendering shareholders do not have
the option to tender only a portion of their shares. Okello 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 Okello'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.