The Board of Directors of Interlife John Hancock Assurance Public Co., Ltd (Interlife John Hancock) today voted overwhelmingly in favour of the tender offer currently underway by Canadian-based Manulife Financial and its locally-affiliated Thai holding company, to gain all outstanding shares of Interlife John Hancock. The Board recommends that minority shareholders consider and accept the offer of THB21.00 per share, a price the Board considers to be well above fair market value for the shares.
Manulife Financial and its locally-affiliated Thai holding company control nearly 95 per cent of Interlife John Hancock and hope to acquire all remaining shares through a mandatory tender offer that began on December 14th to the approximate 600 outstanding shareholders.
“We are pleased with the Board’s recommendation that all outstanding shareholders sell their shares at the excellent price we are offering,” said John Spence, Senior Vice President, Regional Development, Asia, Manulife Financial. “It is our intention at the outcome of the tender process to be in a position to de-list the company.”
Comprehensive information packs were mailed to Interlife John Hancock shareholders on December 14th. Tender Offer information can also be found on Interlife John Hancock’s website at www.jhancock.co.th.
About Interlife John Hancock
Established in 1951, Interlife John Hancock is a nationwide provider of a broad range of products and services designed to meet the financial protection and savings needs of eligible individuals and organizations in Thailand. Currently, the Company fulfills the needs of more than 50,000 policyholders. Locally, Interlife John Hancock trades as INLIFE on the Stock Exchange of Thailand and can be found on the Internet at www.jhancock.co.th.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and most of Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$346 billion (US$274 billion) as at September 30, 2004.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '0945' on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
For more information, please contact:
In Asia:Kim Griffiths,
Regional Communications
Phone: (852) 2510-3200/(852) 9091-3861
Fax: (852) 2907-2205
Email:
[email protected]
In North America:
Peter Fuchs, Corporate Communications
Phone: (416) 926-6103
Fax: (416) 926-5410
Email:
[email protected]
Nuannarin Chaiyen
Coordinator
Weber Shandwick
10/F Ton Son Tower
900 Ploenchit Road
Lumpini, Pathumwan
Bangkok 10330
Thailand
Tel: 66 2 257 0300 (extn 316)
Fax: 66 2 257 0312
E-mail:
[email protected]
www.webershandwick.com End.