Great-West Lifeco announces final results of substantial issuer bid
On March 4, 2019, Great-West Lifeco Inc. ("Great-West Lifeco") announced that its board of directors authorized the making of a substantial issuer bid, pursuant to which Great-West Lifeco offered to repurchase for cancellation up to C$2 billion of its common shares from shareholders for cash.
The offer was made by way of a "modified Dutch auction", allowing shareholders who choose to participate to individually select the price, within a price range of not less than C$30.00 per share and not more than C$35.00 per share (in increments of C$0.10 per share), at which they are willing to sell their shares. Upon expiry of the offer, Great-West Lifeco would determine the lowest purchase price that would allow it to purchase the maximum number of shares properly tendered to the offer, and not properly withdrawn, having an aggregate purchase price not exceeding C$2 billion.
The offer commenced on March 8, 2019 and expired on April 12, 2019.
On April 17, Great-West Lifeco announced the closing of the substantial issuer bid and took up for purchase 59,700,974 of its common shares at a price of C$33.50 per share for an aggregate consideration of C$2 billion.
Further information can be found on Canada Newswire's website.
Great-West Lifeco is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Great-West Lifeco has operations in Canada, the United States and Europe through Great-West Life, London Life, Canada Life, Irish Life, Great-West Financial and Putnam Investments.