Disability Insurer Unum Group Said to Have Been in Talks with Sun Life Financial
Bloomberg Businessweek reports that the nation’s largest disability insurance company, Unum Group, was in private talks earlier this year about a potential takeover by Sun Life Financial, Inc. Sun Life, Canada’s third-largest insurer, said in November 2009 that it wanted to expand its presence in the U.S. significantly with an acquisition.
A source for the Wall Street Journal said that the talks broke down in January, but Unum may still be open to approaches. The source also reported that Unum and Sun Life officials couldn’t agree on deal terms and governance.
Following the breakdown in the talks, Unum announced a $1 billion buyback of stock over 18 months.