Metlife deal puts Nail in big league
This week, after Nail announced an offer to buy outright control of Metlife, Nail was worth about R6-billion. Its empire now includes a wide range of interests.
Nail's offer to Metlife minority shareholders holding 25% of Metlife stock will guarantee that Nail's existing 34.9% stake will rise to a minimum of 51% as the group has already received commitments from 16% of shareholders that they will accept the offer.
In return for 100 Metlife shares, minorities will receive 312 Nail N-shares. Almost 90% of Nail equity capital will be in low-voting N-shares after the deal.
Nail deputy chairman Dikgang Moseneke says investors have supported the deal irrespective of the use of N-shares as they see the expanded Nail offering outstanding returns.