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Great-West Lifeco announces terms of substantial issuer bid
Great-West Lifeco announces terms of substantial issuer bid Canada NewsWire WINN...
About this update from Great-west Lifeco Inc.
[{"type":"text","content":"\n\n\n\nGreat-West Lifeco announces terms of substantial issuer bid\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nWINNIPEG, March 8, 2019\n\n\n\nAll figures are expressed in Canadian dollars, except as noted.\n WINNIPEG, March 8, 2019 /CNW/ - Great-West Lifeco Inc. (Great-West Lifeco or the Company) today announced the terms of its previously announced substantial issuer bid (the Offer) to repurchase for cancellation up to $2.0 billion of its common shares (the Shares) from shareholders for cash. The Offer will commence today and expire on April 12, 2019, unless extended or withdrawn. \n\"We are pleased to provide the terms today of our previously announced substantial issuer bid. This transaction will allow us to return capital to our shareholders while maintaining significant excess capital to fund strategic investments, including acquisitions, to drive growth and profitability,\" said Paul Mahon, President and Chief Executive Officer, Great-West Lifeco.\nThe Offer\nThe Offer is being made by way of a \"modified Dutch auction\", which will allow shareholders who choose to participate in the Offer to individually select the price, within a price range of not less than $30.00 per Share and not more than $35.00 per Share (in increments of $0.10 per Share), at which they are willing to sell their Shares. Upon expiry of the Offer, the Company will determine the lowest purchase price (which will not be more than $35.00 per Share and not less than $30.00 per Share) that will allow it to purchase the maximum number of Shares properly tendered to the Offer, and not properly withdrawn, having an aggregate purchase price not exceeding $2.0 billion.\nShareholders who wish to participate in the Offer will be able to do so through (i) auction tenders in which they will specify the number of Shares being tendered at a specific price per Share, (ii) purchase price tenders in which they will agree to have a specified number of Shares purchased at the purchase price to be determined pursuant to the auction and have their Shares considered as having been tendere...