Manulife Completes Stock Offering 

A financial services company has raised about $2.5 billion by selling common shares to a syndicate of underwriters.

Manulife, Toronto, (TSX:MFC) announced Nov. 18 that it was selling the stock at a price of $19 per share.

The common shares have not been and will not be registered under the U.S. Securities Act of 1933, Manulife says.

When Manulife announced the offering, it said the underwriters had an “over-allotment option.”

The option is “exercisable in whole or in part at any time up to 30 days after closing” and gives the underwriting syndicate a chance to buy about $375 million in common shares at a price of $19 per share, Manulife said earlier this month.

At this point, Manulife does not believe that the over-allotment option will be exercised, a company representative says.

Additional information was contributed to this article by Allison Bell.

Archived Issues

• Bill Would Extend COBRA Assistance
• Senate Restores COBRA Provision
• Obama: The Time For Action On Health Bill Is Now
• Insurer, SEC Reach Settlement Over Proxy Disclosure
• Obama Sees House Health Reform Vote Soon
• AIG To Sell ALICO To MetLife
• Lawmakers Question Whether Health Insurers Should Earn Profits