09:52 AM EST, 01/05/2021 (MT Newswires) -- Sun Life Financial Inc. (SLF.TO) was at last look up near 1% on the NYSE and rose 0.7% on the TSX after saying on Tuesday that it received notice that Obatan LLC has made an unsolicited "mini-tender offer" to buy up to 50,000 Sun Life common shares, or about 0.0085% of outstanding shares, at US$35 apiece.
Sun Life said it is not associated with Obatan and recommends against accepting the unsolicited offer.
According to the company, Obatan's offer has been made at a price that is "significantly lower" than recent market prices for its shares on both Canadian and U.S. stock exchanges.
The mini-tender offer represents a discount of 19.90% and 19.84%, respectively, below the closing price of Sun Life's common shares on the TSX and NYSE on December 18, 2020, the last trading day before the mini-tender offer was commenced.
Price: 56.85, Change: +0.40, Percent Change: +0.71