The board of directors of Canada Life Financial Corp. has rejected Manulife Financial Corp.’s proposed $6.4 billion unsolicited bid to acquire Canada Life’s common shares.

The board met today to discuss a report of the Special Committee to the board, and hear presentations from financial and legal advisors. In rejecting Manulife’s proposal, Canada Life’s board said the proposed offer does not reflect the value of the company.

David Nield, chairman and CEO of Canada Life said that: “Canada Life’s board of directors is determined to maximize value for the company’s shareholders and has directed the Special Committee to bring forward strategic alternatives.”

Canada Life expects that it may take several months for the required approvals to be obtained from the regulatory authorities and for shareholders to have the opportunity to respond to this unsolicited take-over bid.

Manulife has yet to formalize its bid by mailing its Take-Over Bid Circular to Canada Life’s shareholders.