Sun Life warns on unsolicited mini-tender offer from Obatan

Sun Life Financial Inc. said it does not endorse or recommend Obatan LLC's unsolicited mini-tender offer to purchase up to 50,000 Sun Life common shares at US$35.00 apiece.

Sun Life warned that the offer price is 19.90% and 19.84% below the closing prices of its common shares on the Toronto Stock Exchange and New York Stock Exchange, respectively, as of Dec. 18, 2020, which was the last trading day before the offer commenced. The offer price is also 20.94% and 20.80% below the closing prices of its common shares on the TSX and NYSE, respectively, as of Jan. 4.

The company cautioned its shareholders and policyholders to carefully review the Obatan offer documents and to consult with their investment advisers regarding any offer they may receive, as well as review all options for their investment in Sun Life's shares.

The mini-tender offer covers approximately 0.0085% of Sun Life's outstanding common shares.