MetLife is offering to buy all shares, BBVA has agreed to sell the 64% of PVD they own for aprox US$92 per share
· In addition to the purchase price, the Agreement permits AFP Provida, subject to the prior approval of the Company's governing bodies, to make the following dividends prior to the
commencement of the Tender Offer:
(i) an annual dividend in respect of 2012 financial year profits;
(ii) a dividend of cash generated from the January 9, 2013 sale of AFP Provida's former approximately 7.5% indirectly-held equity interest in Administradora de Fondos para el Retiro Bancomer, S.A. de C.V. (Mexico);
(iii) a dividend of cash generated from the expected sale of AFP Provida's approximately 15.87% indirectly-held equity interest in Administradora de Fondos de Pensiones Horizonte S.A. (Perú);
(iv) a dividend of certain excess cash amounts of the Company as calculated pursuant to the Agreement.
BBVA estimates that the sum of the aforementioned dividends, if made, could amount to approximately US$ 340 million.
The commencement of the Tender Offer and the subsequent closing of the transaction are subject, among other conditions, to receipt of regulatory approvals both in Chile and Ecuador.