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Article: Canada Life Board Approves Acquisition By Great-West Lifeco; Transaction Provides Greater Shareholder Value.
- Article from:
- PR Newswire
- Article date:
- February 17, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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-- TSX: CL, NYSE: CLU
TORONTO, Feb. 17 /PRNewswire-FirstCall/ - Canada Life Financial Corporation (Canada Life(TM)) today announced that Great-West Lifeco Inc. (Great-West) has agreed to acquire all of Canada Life's common shares for a combination of cash and Great-West securities valued at $44.50 per Canada Life common share. Canada Life's Board of Directors has unanimously endorsed the transaction and is recommending that shareholders approve the transaction at an upcoming shareholders meeting.
The Great-West purchase price is 15% higher than the value of the current offer by Manulife Financial Corporation, which stands at $38.66 per Canada Life ...