Manulife seeking merger partner

Article Abstract:

Manufacturers Life Insurance Co. is looking for a merger partner before going public in 1999. Company officials stated that they are concerned about being left behind in the consolidation trend that is sweeping the financial services industry all over the world. Manufacturers Life President and CEO Dominic D' Alessandro, has been traveling around Canada and the US talking and scouting for potential merger partners. The company cited three possible mutual companies that are also based in Canada which are Mutual Life Assurance Co., Sun Life Assurance Co. of Canada and Canada Life Assurance Co.

Comment:

Is looking for a merger partner before going public in 1999

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Manulife delays plans for going public

Article Abstract:

Manufacturers Life Insurance Co. has postponed its plans to go public by six months because Ottawa has not been able to finalize the regulations in the demutualization that would help it demutualize. The delay was caused by government concerns about several of the companies' plan to issue potentially lucrative stock option packages to their executives. The company, along with three other insurers, estimated that their demutualization will see about C$10-billion worth of shares being distributed to about two million policyholders in Canada.

Comment:

Has postponed its plans to go public by six months because Ottawa has not been able to finalize regulations

Organizational history

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Manulife share buyback approved

Article Abstract:

Manulife Financial of Toronto, Ontario, has received approval to repurchase up to 25 million or around 5% of its shares. The company intends to buy back the shares since it feels the stock to be undervalued and could mean good value to its investors. Analysts expect the newly public company to buy back shares for cancellation in relatively short order, resulting in a more depressed stock value.

Manulife Financial

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