CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
Unum Group (NYSE: UNM) announced today that it has received notice of an
unsolicited mini-tender offer by Baker Mills Inc. (“Baker Mills”) to
purchase from Unum Group’s stockholders up to 120,000 shares of Unum
Group common stock, representing approximately 0.054 percent of Unum
Group’s shares of common stock outstanding as of the October 3, 2017
offer date. Baker Mills’ offer price of $41.00 per share is
approximately 20.56 percent lower than the $51.61 closing share price of
Unum Group’s common stock on the New York Stock Exchange on October 2,
2017, the last trading day prior to the date of the offer.
Unum Group does not endorse Baker Mills’ unsolicited mini-tender offer
and is not associated in any way with Baker Mills, its mini-tender
offer, or its mini-tender offer documents. Because Baker Mills’ offer
price is below the current market value for Unum Group’s common stock,
Unum Group recommends that stockholders reject this unsolicited offer
and not tender their shares in response to Baker Mills’ offer, or, if
stockholders have already tendered shares, that they withdraw their
shares by providing the written notice described in the Baker Mills
mini-tender offer documents prior to the expiration of the offer,
currently scheduled for 5:00 p.m., Eastern time, on November 7, 2017.
Baker Mills has made similar mini-tender offers for shares of other
companies. Mini-tender offers, such as this one, seek to acquire less
than 5 percent of a company’s shares outstanding, thereby avoiding many
disclosure and procedural requirements of the U.S. Securities and
Exchange Commission (“SEC”). As a result, mini-tender offers do not
provide investors with the same level of protections as provided by
larger tender offers under U.S. securities laws.
The SEC has cautioned investors that some bidders making mini-tender
offers at below-market prices are “hoping that they will catch investors
off guard if the investors do not compare the offer price to the current
market price.” The SEC’s cautionary advice to investors regarding these
offers is on its website at: www.sec.gov/investor/pubs/minitend.htm.
Unum Group urges investors to obtain current market quotations for their
shares, to consult with their broker or financial advisor and to
exercise caution with respect to Baker Mills’ offer.
Unum Group encourages brokers and dealers, as well as other market
participants, to review the SEC’s letter regarding broker-dealer
mini-tender offer dissemination and disclosure at www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
Unum Group requests that a copy of this news release be included with
all distributions of materials relating to Baker Mills’ mini-tender
offer related to shares of Unum Group common stock.
ABOUT UNUM GROUP
Unum Group (www.unum.com)
is a leading provider of financial protection benefits in the United
States and the United Kingdom. Its primary businesses are Unum US,
Colonial Life, Starmount and Unum UK. Unum’s portfolio includes
disability, life, accident and critical illness, dental and vision
coverage, which help protect millions of working people and their
families in the event of an illness or injury. Unum also provides
stop-loss coverage to help self-insured employers protect against
unanticipated medical costs. The company reported revenues of $11
billion in 2016, and provided $6.9 billion in benefits.
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Unum Group
Investors
Tom White, 423-294-8996
or
Matt
Barnett, 423-294-7498
or
Media
Jim Sabourin, 423-294-6300
Source: Unum Group