Manulife cautions investors regarding Ocehan LLC offer for shares

Core Viewpoint - Manulife has received an unsolicited mini-tender offer from Ocehan LLC to purchase up to 50,000 common shares at a price of $34.20 per share, which is significantly below the current market price [1][2]. Group 1: Mini-Tender Offer Details - The mini-tender offer represents a discount of approximately 19.83% and 20.07% below the closing prices on the TSX and NYSE on February 3, 2025, and a discount of 20.35% and 20.12% below the closing prices on February 24, 2025 [2]. - Mini-tender offers seek to acquire less than 5% of a company's outstanding shares, allowing them to avoid certain disclosure and procedural requirements under Canadian and U.S. securities regulations [3]. Group 2: Regulatory Concerns - The Canadian Securities Administrators (CSA) and the U.S. Securities and Exchange Commission (SEC) have raised concerns about mini-tender offers, particularly regarding the potential for investors to accept offers without fully understanding the price relative to the market [3][4]. - The SEC warns that bidders often make mini-tender offers at below-market prices, aiming to catch investors off guard if they do not compare the offer price to the current market price [4]. Group 3: Company Position - Manulife is not associated with Ocehan and does not endorse the unsolicited offer, advising shareholders to carefully review the offer documents and consult with investment advisors [2][4]. - Manulife provides shareholder services through stock transfer agents in various regions, including Canada, the United States, Hong Kong, and the Philippines [5].