Manulife Financial Corp. is the latest target of Bay Street nemesis Lorne Albaum, the founder of Toronto-based TRC Capital, which has become well known for its so-called mini-tender offers.
The insurer disclosed Tuesday that it has received notice that TRC has made an offer to buy up to five million, or 0.28 per cent, of the company’s shares at a price of $12.40 each.
That’s 4.62 per cent below Manulife’s closing price of $13 on Sept. 29, the day before the offer was commenced. Manulife shares were trading at $12.43 on Tuesday afternoon.
Mini-tender offers, which are generally for less than 5 per cent of a company’s stock, circumvent certain disclosure regulations.
TRC targeted Manulife’s rival Sun Life Financial back in 2003. It has also made mini-tender offers for firms such as Research in Motion, Quebecor World, and recently RioCan REIT.
