The sell off today is due to traders who bought on the rumor and sold on the news. Considering the magnitude of the news, the volume is extremely low.
The big picture is much different. The market has not caught up with the new capitalization of $3 billion plus... yet. The market price will get closer to $140 as regulatory hurdles are cleared and the deal is finalized.
According to MarketWatch: "If all publicly-held shares are tendered, the purchase price, which MetLife will fund from its existing cash balances, would be about $2 billion."
Which means, if I understand it correctly (which I'm not sure I am) that the tendered price will be only about $90.5 (2b dollars/22.09m shares).
Of course there's the addition special dividends of whatever is held by PVD, however much it is.