Canada Life saves 900 Irish jobs

Canada Life’s Irish managing director, Tom Barry, said the deal secures the future of the 900 employees and tied agents employed by the company in Ireland.
“Ireland and the German operations run from here have been identified as an engine for growth in the years ahead and we plan to deliver on that,” he said.
In a classic white knight maneuver Great-West Lifeco trumped Manulife Financial Corp’s $6.4 billion hostile bid for Canada Life. Great-West agreed to acquire Canada Life for about $7.1 billion in cash, preferred stock and common stock.
Winnipeg-based Great-West, controlled through Power Corp by Montreal’s Desmarais family, is offering $44.50 a share for Canada Life, which has its headquarters in Toronto.