Following the recent publicity of Manulife's hostile take-over bid for Canada Life, they have responded with a resounding NO, claiming the offer as inadequate. Their shares have been trading at a low point and the company did not believe that Manulife's bid reflected the real value of shares.
The rejection of Manulife's bid by Canada Life dashes any hopes of windfall payments for shareholders.
The chief executive of Manulife said "the Manulife offer is the best offer on the table. If Canada Life could provide further information that demonstrated additional value in the company, Manulife would consider re-evaluating its offer".
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