Democratic Underground Latest Greatest Lobby Journals Search Options Help Login

Manulife in huge merger with John Hancock

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Topic Forums » Economy Donate to DU
dArKeR Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Sep-28-03 05:38 PM
Original message
Manulife in huge merger with John Hancock
Manulife Financial Corp. says it is merging with Boston-based John Hancock Financial Services Inc. in a massive deal that creates a company valued at $34.7-billion.

The stock-swap merger is based on closing stock prices on Sept. 24.

Manulife's CEO Dominic D'Alessandro will be president and CEO of the new company, which will be based in Toronto.

Under the merger deal, John Hancock shareholders will get 1.1853 Manulife shares for each John Hancock share, representing a price of $37.60 (U.S.) for a 18.5 per cent premium based on the closing price on Sept. 24.

Manulife says it will invest up to $3-billion (Canadian) in a share buyback.

"We see this as a unique strategic opportunity to combine two exceptionally strong companies into a single, integrated, global market leader whose scale and capital base will drive even greater growth and shareholder value," said Manulife's Mr. D'Alessandro.
Printer Friendly | Permalink |  | Top
papau Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-29-03 01:21 PM
Response to Original message
1. On today's conf call -Al said no major layoffs - just enough to get $270 M
of savings.

And he has a 18 month guar contract as pres of the JH post the merger.

And he said nothing about the 5 person 100 million "sorry" package that he had JH Board vote to himself and 4 others - which triggers not on severance -

but on a change in management.

So let the layoffs begin!
Printer Friendly | Permalink |  | Top
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Mon Jan 17th 2022, 08:07 PM
Response to Original message
Advertisements [?]

Home » Discuss » Topic Forums » Economy Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC