Sun Life Warns on Ocehan's 100,000-Share Mini-Tender at Nearly 25% Discount
Updated
Updated · PR Newswire · Jul 3
Sun Life Warns on Ocehan's 100,000-Share Mini-Tender at Nearly 25% Discount
3 articles · Updated · PR Newswire · Jul 3
Summary
Sun Life said Ocehan LLC's unsolicited offer for up to 100,000 common shares is priced well below market and is neither endorsed nor recommended by the insurer.
The company said the bid was launched at a 24.95% discount to Sun Life's May 25 TSX close and a 24.38% discount to its May 22 NYSE close.
Shareholders are not required to sell, and those who already tendered can withdraw their shares within 21 days under Ocehan's offer documents.
Canadian and U.S. regulators have long warned that mini-tender offers can sidestep normal bid rules and catch investors accepting below-market prices without realizing it.