Manulife's bid for a hostile take-over of insurer Canada Life has finally come to an end.
Following the arrival of a white knight bid, Manulife decided that the acquisition would not be in the best interest of their own shareholders. Manulife offered £2.64bn for Canada Life but were outbid by Great-West Lifeco at £3.11bn.
Great-West Lifeco's acquisition of Canada Life makes the largest insurance company in Canada with around 11m policyholders and almost £70bn in assets. The merger seems much better news for Canada Life shareholders but future plans for UK operations are unknown as Great-West Lifeco don't seem happy with the operation of foreign arms.
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