Sun Life becomes latest Canadian financial firm targeted in mini-tender blitz
In April, Ocehan made a mini-tender offer for up to 50,000 common shares of iA Financial. At the time iA said that the offer represented “approximately 0.05% of the common shares outstanding, at a price of $ 110.60 per share, representing an aggregate purchase price of less than $ 6 million,” adding that it represented a discount of “approximately 31.19% to the closing price of iA Financial Group’s common shares on the TSX on April 7, 2026.”
And in December last year, 50,000 common shares of Manulife were in Ocehan’s sights, with the investment entity making an offer of $35.80 per share. Manulife said the unsolicited mini-tender offer represented a discount of “approximately 24.88% and 24.67%, respectively, below the closing prices of Manulife common shares on the TSX and NYSE on November 19, 2025, the last trading day before the mini-tender offer was commenced, and a discount of 28.29% and 28.16%, respectively, below the closing prices on the TSX and NYSE on December 19, 2025.”
Mini-tenders are offers for less than 5% of a company’s outstanding shares, which enables those hoping to successfully acquire the stake a legal route that avoids disclosure and procedural requirements applicable to most bids under Canadian and US securities regulations.
Both the CSA and SEC caution investors against participating in mini-tender offers.
As well as financial firms, Ocehan is known to have made mini-tender offers for Tim Hortons and Burger King parent Restaurant Brands International, and agricultural chemical and retail business Nutrien.
