WSJ: Sunlife talked about buying Unum

WSJ: Sunlife talked about buying Unum

March 8th, 2011 by Staff Report in Local - Breaking News

Unum headquarters in downtown Chattanooga.

Unum headquarters in downtown Chattanooga.

Photo by John Rawlston /Times Free Press.

Canada's Sun Life Financial Inc. was in takeover talks with disability insurer Unum Group earlier this year, but the negotiations fell apart in late January, according to a report today in the online Wall Street Journal.

The newspaper's web site quoted people familiar with the matter that said Unum and Sun Life officials couldn't agree on deal terms and governance.

Afterward the talks broke apart, Unum announced on Feb. 2 that a $1 billion stock buyback over an 18-month period.

"Unum is no longer up for sale but could be open to approaches," the Journal reported.

The Journal reported that the Chattanooga-based Unum "views itself as not under pressure to make a move."