Great-West Lifeco Warns Shareholders Against Ocehan's Lowball Offer

On November 8, 2024, Great-West Lifeco Inc. announced that it has received an unsolicited mini-tender offer from Ocehan LLC, seeking to purchase up to 50,000 of its common shares. The offer is made at a price that is approximately 19.70% lower than the closing price of the shares on October 24, 2024. Lifeco has stated that it does not endorse this unsolicited offer and has no ties with Ocehan. Mini-tender offers like the one from Ocehan typically evade several investor protections, which raises concerns about the comparison of the offer price to the actual market price. They appeal to unsuspecting investors who may not fully understand the implications of accepting such offers. Securities regulators have expressed their apprehensions about mini-tender offers and warn investors to be vigilant. Great-West Lifeco strongly advises its shareholders to obtain current market quotes and to consult with financial advisors before making any decisions about accepting Ocehan's proposal. Additionally, shareholders who have already tendered their shares have the option to withdraw their acceptance within 30 days of submitting their tender, following the outlined procedures in Ocehan's documentation. Lifeco has made it clear that it is not associated with Ocehan's offer and has requested that any distribution of related materials includes this announcement to raise awareness among shareholders.