MetLife Chile Acquisition, a subsidiary of MetLife, is planning to acquire all the issued and outstanding common shares held by US holders and American depositary shares of AFP Provida for $6.14 and $92.21 per share in cash respectively.
AFP Provida is a pension fund administrator in Chile.
Along with the US offer, MetLife Chile Acquisition is making an offer in Chile to purchase all of the outstanding common shares of Provida from all holders of common shares, wherever located, for the same price. However, terms will remain same.
As disclosed earlier, Banco Bilbao Vizcaya Argentaria has agreed to transfer its 64.3% stake in Provida to MetLife pursuant to the transaction agreement signed on 1 February 2013.
Upon closing of the transactions contemplated in the agreement, MetLife will own at least a 64.3% stake in Provida.