U.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.

archive