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.