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MetLife Completes Tender Offer For ADSs And Common Shares Of AFP Provida S.A.

Stocks in this article: MET

MetLife, Inc. (“MetLife”) (NYSE:MET) announced today the expiration of the tender offer (the “U.S. Offer”) by its subsidiary, MetLife Chile Acquisition Co. S.A. (the “Purchaser”), for all of the outstanding common shares of AFP Provida S.A. (“Provida”) that are held by U.S. holders, and all of the outstanding American Depositary Shares (“ADSs”), each representing fifteen common shares of Provida, from all holders, wherever located, at a price of U.S. $6.1476 per common share and U.S. $92.2140 per ADS, in each case, in cash, without interest, payable in U.S. Dollars or Chilean Pesos, at the election of tendering holders. The U.S. Offer expired at 11:59 p.m. New York City time, on September 27, 2013.

MetLife also announced the expiration of the simultaneous tender offer in Chile (the “Chilean Offer,” and together with the U.S. Offer, the “Offers”) by Purchaser to purchase all of the outstanding common shares of Provida from all holders of common shares, wherever located, for the same price and on substantially the same terms as the common shares of Provida offered to be purchased in the U.S. Offer.

The Bank of New York Mellon (the “U.S. Tender Agent”) informed MetLife and Purchaser that a total of 4,851,876 ADSs (equal to 72,778,140 common shares), representing approximately 21.97% of the currently outstanding common shares of Provida, were validly tendered and not withdrawn in the U.S. Offer. This includes 2,805,099 ADSs tendered by Banco Bilbao Vizcaya Argentaria S.A. (“BBVA”), representing 42,076,485 common shares of Provida, and 220,508 ADSs tendered by Notice of Guaranteed Delivery. No common shares were tendered into the U.S. Offer and no holders that tendered ADSs into the U.S. Offer elected to receive payment in Chilean Pesos. Purchaser has accepted for payment all ADSs validly tendered and not withdrawn in the U.S. Offer and will promptly deposit the aggregate purchase price in U.S. Dollars with the U.S. Tender Agent.

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