MetLife Inc. announced today that its offer to exchange its own shares of common stock for those of Reinsurance Group of America Inc. was oversubscribed.
In June, MetLife, New York, announced its intention to sell its 52% interest in RGA by swapping shares of the companies’ stock. The exchange offer expired Sept. 11.
Investors who control Reinsurance Group of America Inc. approved the proposal last month.
A preliminary count found more than 253 million shares of MetLife common stock were tendered for exchange, MetLife said. Because the offer was oversubscribed, the company will accept only part of those shares on a pro rata basis in proportion to the total number of shares tendered by each stockholder seeking an exchange, it said.
MetLife says it will accept for exchange over 24 million shares of its common stock in exchange for about 29 million shares of common stock of RGA.
MetLife estimates it will accept for exchange 8.6% of its tendered stock. It expects to announce final results of the swap Sept. 17.