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Manulife’s strategic fit promises greatest value for Canada Life shareholders Toronto – The greatest long-term value for Canada Life Financial Corporation shareholders will be derived from combining its operations with Manulife Financial Corporation, Manulife President and CEO Dominic D’Alessandro said today. Earlier today, Canada Life announced its Board of Directors is “determined to maximize value for the company’s shareholders and has directed its Special Committee to bring forward strategic alternatives.” Manulife’s offer provides a 30 per cent premium to the pre-announcement price. It combines cash and the opportunity to exchange Canada Life shares for shares in a Canadian-based global leader in financial services. “Together, the operations of the two organizations would provide shareholders with a company that has the scale needed to be the industry leader in Canada as well as a portfolio of strong specialized businesses in the United States, Asia and Europe. We intend to grow Manulife from that solid platform,” Mr. D’Alessandro said. “We understand the decision of the Canada Life Board to form a Special Committee and we are confident the Canada Life Board of Directors will recognize the potential of a combination with Manulife as they conduct their review of strategic options. No other company has a better strategic fit with Canada Life or offers better prospects to its shareholders.” “Our offer represents full and fair value for Canada Life shareholders, based on all the information at our disposal,” said Mr. D’Alessandro. Manulife has requested access to Canada Life’s shareholder list so that the Manulife offer can be distributed to Canada Life shareholders on a timely basis. About Manulife Financial Manulife Financial is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. Through its extensive network of employees, agents and distribution partners, Manulife Financial offers clients a diverse range of financial protection products and wealth management services. Fund under management by Manulife Financial were $139.2 billion as at September 30, 2002. Manulife Financial trades as MFC on the TSX, NYSE and PSE and under “0945” on the SEHK. Manulife Financial can be found on the Internet as www.manulife.com. - 30 - All figures in Canadian dollars unless otherwise specified. Notes: Forward-Looking Statements This news release includes Forward-Looking statements with respect to the Company, including its business operations and strategy as well as its financial performance and condition. These statements generally can be identified by use of Forward-Looking words such as: “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” or “continue” or the negative word thereof or similar variations. Although management believes that the expectations reflected in such Forward-Looking statements are reasonable, such statements involve risks and uncertainties and actual results may differ materially from those expressed or implied by such Forward-Looking statements. Important factors that could cause actual results to differ materially from the Company’s expectations include among other things, general economic and market factors, including interest rates, business competition and changes in government regulations or in tax laws.
Shareholder and Policyholder inquiries:
United Kingdon/Continental Europe: 020-7864-9132 Ireland: 01-277-1029 Rest of the World: Call Collect (212) 929-5500 |
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