Canada Life takeover secures Irish jobs

THE future of Canada Life’s 900 Irish workers was secured yesterday when Great-West Lifeco Inc beat off Manulife to take over the company.

In a classic white knight manoeuvre Great-West Lifeco Inc trumped Manulife Financial Corp’s C$6.4 billion hostile bid for Canada Life. Great-West agreed to acquire Canada Life for about C$7.1 billion in cash, preferred stock and common stock.

More than 25,000 Irish shareholders in Canada Life have been advised by the company’s board to accept a C$44.50 per share offer for the company from Great-West Lifeco Inc.