MetLife Chile Inversiones SpA completed the acquisition of 1.5% stake in Administradora de Fondos de Pensiones Provida S.A. from The Bank of New York Mellon Corporation (NYSE:BK) for CLP 17.3 billion.
Under the terms of the transaction, in the event a superior proposal is made for the sale shares, MetLife Chile Inversiones will have 10 business days following delivery of a notice of a superior proposal to confirm that MetLife Chile Inversiones would like to purchase the sale shares on substantially the same terms and conditions set forth in the notice of the superior proposal. On June 8, 2015, MetLife Chile Inversiones was notified that an unsolicited written proposal not subject to any conditions has been received from Invesco Canada Ltd. for all of the subject shares with a purchase price per share of CLP 3,475. In connection with Invesco Canada's proposal, on June 22, 2015, MetLife Chile Inversiones delivered a written match right notice which increased the purchase price per common share to CLP 3,500. Accordingly, MetLife Chile Inversiones SpA and The Bank of New York Mellon Corporation (NYSE:BK) entered into an amended agreement to increase the purchase price per common share to CLP 3,500 on June 22, 2015. Paola Lozano of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to MetLife Chile Inversiones.
MetLife Chile Inversiones SpA completed the acquisition of 1.5% stake in Administradora de Fondos de Pensiones Provida S.A. (SNSE:PROVIDA) from The Bank of New York Mellon Corporation (NYSE:BK) for CLP 17.3 billion on July 6, 2015. MetLife Chile Inversiones acquired approximately 4.93 million shares of Administradora de Fondos de Pensiones Provida at a price of CLP 3500 per share. On August 27, 2015 MetLife received approval from Chile's pension regulator SP.