Takeover Speculation Sends Lincoln National Shares Rising
August 30, 2010 at 4:30 AM (PT)
Speculation about a possible takeover of LINCOLN NATIONAL CORP., parent company of LINCOLN FINANCIAL MEDIA, sent its share price jumping 10.3% FRIDAY (8/27). A rumor hit WALL STREET on FRIDAY saying that Canadian insurance company MANULIFE FINANCIAL CORP. had offered $32/share for LNC, fueling a rise in LNC stock that resulted in the stock closing at $22.73.
A purchase of LNC by a foreign company like MANULIFE would have implications for the radio properties owned by LINCOLN FINANCIAL MEDIA, due to FCC restrictions on foreign ownership.