METLIFE, INC. (NYSE:MET) Files An 8-K Other Events
Item8.01 Other Events.
Contingent Approval of the Distribution of
Brighthouse Financial, Inc. Common Stock
On June 29, 2017, MetLife, Inc. issued a
news release announcing that its Board of Directors has approved
its distribution of at least 80.1% of the common stock of
Brighthouse Financial, Inc. to MetLife, Inc. common stockholders
(the Distribution), subject to the U.S. Securities and Exchange
Commission (the SEC) declaring Brighthouse Financial, Inc.s
Registration Statement on Form10 effective by July7, 2017.
Subject to that contingency:
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the record date for the Distribution will be 5 p.m. New |
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the date of the Distribution will be 5 p.m. New York City |
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MetLife, Inc. common stockholders will receive one share of |
A copy of the news release is attached
hereto as Exhibit 99.1 and is incorporated herein by
reference.
MetLifes Plans For Certain Cash It
Receives From Brighthouse Financial
MetLife, Inc. expects to receive a cash
distribution (the Cash Distribution) and cash payments related to
the Tax Receivables Agreement between MetLife, Inc. and
Brighthouse Financial, Inc. (the Tax Receivables Cash) from
Brighthouse Financial, Inc. and its affiliates (collectively,
Brighthouse Financial) in exchange for its contribution of
certain assets to Brighthouse Financial. MetLife, Inc. plans to
use the Cash Distribution within 18 months following the
Separation, and the Tax Receivables Cash within six months of
receipt, to pay dividends to MetLife, Inc. stockholders, to make
common stock repurchases, or to pay its creditors.
MetLifes Plans For Its Brighthouse
Financial, Inc. Common Stock
Certain MetLife, Inc. affiliates
hold MetLife Stock. As a result, when MetLife, Inc. makes the
Distribution, these MetLife entities will receive a limited
amount of Brighthouse Stock. MetLife, Inc. and its affiliates
(collectively, MetLife) may dispose of such Brighthouse Stock in
any of the ways it may dispose of the Brighthouse Stock it does
not distribute to its stockholders in the Distribution. For
example, MetLife may transfer Brighthouse Stock to stockholders,
make one or more offers to stockholders to exchange their MetLife
Stock for Brighthouse Stock, may offer Brighthouse Stock in one
or more public or private sales, or may pursue any combination of
these methods. MetLife plans to dispose of all of its Brighthouse
Stock as soon as practicable following the Distribution, and in
no event later than five years after the Distribution, while
seeking to maximize overall value to its
stockholders.
Item9.01 Financial
Statements and Exhibits.
| 99.1 |
MetLife, Inc. news release, dated June 29, 2017, announcing that its Board of Directors has approved the spin-off of Brighthouse Financial, subject to SEC declaration that the required registration statement is effective. |
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METLIFE INC ExhibitEX-99.1 2 d403415dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 For Immediate Release | Global Communications | MetLife,…To view the full exhibit click here About METLIFE, INC. (NYSE:MET)
MetLife, Inc. (MetLife) is a provider of life insurance, annuities, employee benefits and asset management. The Company’s segments include Retail; Group, Voluntary & Worksite Benefits; Corporate Benefit Funding; Latin America (collectively, the Americas); Asia, and Europe, the Middle East and Africa (EMEA). Its Retail segment is organized into two businesses: Life & Other, and Annuities. Its Group, Voluntary & Worksite Benefits insurance products and services include life, dental, group short- and long-term disability, property and casualty, long-term care, accidental death and dismemberment, critical illness, vision, and accident and health coverages, as well as prepaid legal plans. Its Corporate Benefit Funding segment provides funding and financing solutions that help institutional customers manage liabilities primarily associated with their qualified, nonqualified and welfare employee benefit programs using a spectrum of life and annuity-based insurance and investment products.