Business
Great-West Lifeco cautions investors regarding Obatan LLC's third mini-tender offer for shares in Ireland
Great-West Lifeco cautions investors regarding Obatan LLC's third mini-tender offer for shares in...
About this update from Great-west Lifeco Inc.
[{"type":"text","content":"\n \n \n \n Great-West Lifeco cautions investors regarding Obatan LLC's third mini-tender offer for shares in Ireland\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 6, 2023\n \n \n /CNW/ - Great-West Lifeco Inc. (\"Lifeco\") has been notified of an unsolicited mini-tender offer by Obatan LLC, made to residents of\n \n Ireland\n \n , to purchase up to 50,000 common shares of Lifeco. The unsolicited offer represents a discount of approximately 18% to the closing price of the common shares on the TSX on\n \n May 26, 2023\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 Ireland\n \n .\n \n \n \n Lifeco does not endorse Obatan's unsolicited offer, has no association with Obatan or its offer, and does not recommend acceptance of the offer. Obatan'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 Obatan'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 Obatan's offer. According to Obatan's offer documents, shareholder tenders are irrevocable and cannot be withdrawn once lodged. Further, tendering shareholders do not have the option...