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twitterU.S. financial firm to be sold
Monday, Sept. 29, 2003 | 11:07 a.m.
BOSTON -- Canada-based Manulife Financial Corp. will acquire John Hancock Financial Services Inc. in a $10.4 billion stock swap, obtaining a venerable U.S. financial services firm that has long been a civic and corporate pillar of Boston.
Under terms of the deal, shareholders of Boston-based John Hancock will receive 1.1853 shares of Manulife for each of their shares, or $37.60 per share, based on Hancock's Wednesday closing price.
The deal announced Sunday would create a company ranked fourth in the United States in individual life insurance sales. The combined company would be Canada's largest individual and group life insurer.
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