Manulife Financial announced today that it has received notice of an unsolicited “mini-tender” offer from TRC Capital Corporation to purchase up to 10 million, or 2%, of the company’s common shares.

TRC is offering to pay $40.40 per share. Manulife notes that the offer price is 4.4% below its November 21 closing price of $42.19 per share on the Toronto Stock Exchange.

Manulife says it recommends against acceptance of this below-market offer. It is reminding investors that securities administrators in Canada and the United States have recommended that investors exercise caution in connection with “mini-tender” offers. Manuflife says shareholders should consult their investment advisors regarding the TRC offer.

In Canada, Manulife Financial continues to make available a Share Sales Program that allows odd-lot shareholders to sell their shares at market value, with no commission fees and a set administrative charge of $25.

To be eligible, odd-lot shareholders must hold fewer than 100 shares by way of a share ownership statement received from Manulife Financial at the time of demutualization.