MetLife Inc. has filed documents explaining how it plans to exchange shares of Reinsurance Group of America Inc. common stock for shares of its own stock.
MetLife, New York, announced in June that it wants to transfer its majority stake in RGA, Chesterfield, Mo., to MetLife shareholders.
MetLife now says in a statement filed with the U.S. Securities and Exchange Commission that it plans to tender a total of 29.2 million shares of RGA Class B common stock to holders of its own Class A stock at a 10% discount.
MetLife shareholders would get about $1.11 of RGA stock tor each $1 of MetLife stock they trade, with a limit of 1.3 shares of RGA stock for each MetLife share.
The offer is scheduled to expire at midnight Sept. 11.