MetLife Split-Off of Reinsurance Group of America

Submitted by George on Tue, 2008-09-23 07:16.

Split-Off Company: Reinsurance Group of America (RGA.B)
Parent Company: MetLife (MET)
Status: Tender offer commenced
Spinoff Business: reinsurance
Expires: September 11, 2008 - 23:59

Exchange Raio: For each $1.00 of MetLife common stock accepted in the exchange offer, the tendering stockholder will receive approximately $1.11 of RGA class B common stock. The final exchange ratio will equal the average of the daily volume-weighted average prices for MetLife common stock and RGA common stock, as applicable, on the New York Stock Exchange on the last three trading days of the originally contemplated exchange offer period.

The final exchange ratio was 1.2663 shares of RGA class B for each share of MET tendered.

Exchange Limit: 29,243,539 divided by the final exchange ratio.

Odd-Lot Preference: "All odd-lot shares will be accepted for exchange without proration if MetLife completes the exchange offer. " Source: Exchange Offer Prospectus - 08/14/08

SEC Filings:

Official exchange offer website: http://www.dfking.com/metlife

Notes:

The offer has been approved by RGA shareholders. Source: Press release - 9/5/2008

Originally posted in the forum under Metlife (MET) to split off Reinsurance Group of America (RGA).

Final results: "Under the terms of the exchange offer, MetLife accepted a total of 23,093,689 shares of MetLife common stock in exchange for 29,243,539 shares of RGA class B common stock. Because the exchange offer was oversubscribed, MetLife accepted only a portion of the number of shares of MetLife common stock that were validly tendered and delivered by MetLife stockholders, on a pro rata basis in proportion to the total number of shares tendered by such stockholder. Of the tendered MetLife common stock, 8.9% was accepted for exchange. In accordance with the terms of the exchange offer, however, stockholders who owned less than 100 shares of MetLife common stock, or an “odd-lot,” who validly tendered and delivered all of their shares of MetLife common stock were not subject to proration if they elected for such treatment in the exchange offer."