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Great-West Lifeco cautions investors regarding New York Stock and Bond LLC's mini-tender offer for shares in the United States
Great-West Lifeco cautions investors regarding New York Stock and Bond LLC's mini-tender offer fo...
About this update from Great-west Lifeco Inc.
[{"type":"text","content":"\n \n \n \n Great-West Lifeco cautions investors regarding New York Stock and Bond LLC's mini-tender offer for shares in the United States\n \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.prntar{\nTEXT-ALIGN: RIGHT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TSX:GWO\n \n \n \n \n \n WINNIPEG, MB\n \n \n ,\n \n \n June 5, 2024\n \n \n /CNW/ - Great-West Lifeco Inc. (\"Lifeco\") has been notified of an unsolicited mini-tender offer by New York Stock and Bond LLC, made to residents of\n \n the United States\n \n , to purchase up to 50,000 common shares of Lifeco. The unsolicited offer represents a discount of approximately 34.42% to the closing price of the common shares on the TSX on\n \n May 17, 2024\n \n , the last trading day before the offer was commenced. The common shares do not trade on a recognized stock exchange in\n \n the United States\n \n .\n \n \n \n \n \n \n \n \n \n \n Lifeco does not endorse New York Stock and Bond's unsolicited offer, has no association with New York Stock and Bond or its offer, and does not recommend acceptance of the offer. New York Stock and Bond's offer has been made at a price below the current market price for the shares.\n \n \n \n Mini-tender offers such as New York Stock and Bond'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\".\n \n \n Lifeco urges shareholders to obtain current market quotes for their shares and to consult with their broker or financial advisor in considering New York Stock and Bond's o...