Toronto Firm Seeks MetLife Shares

By Staff Writer

February 13, 2008 at 12:21 PM

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TRC Capital Corp. is looking for investors who are willing to sell their stock for slightly less than the current market price.

TRC, Toronto, has offered to buy about 2 million shares of the common stock of MetLife Inc., New York, or about 0.27% of all outstanding MetLife common stock, at a price of $55 per share, MetLife says.

The price TRC has named in the "mini tender offer" is 2.99% less than the $56.70 closing price recorded Feb. 5, the day before TRC made the offer, and TRC retains the right to lower the price, MetLife says.

The U.S. Securities and Exchange Commission has warned that some bidders may make mini tender offers at below-market prices in an effort to catch investors offguard and benefit from investors' ignorance about the actual market price of the stock, MetLife says.

Lorne Albaum, the Toronto lawyer who runs TRC, says the offer "is especially designed to appeal to MetLife shareholders who have odd lots."

The price is lower than the market price, but shareholders who have odd lots, or lots with fewer than 100 shares, can sell shares through the tender offer without incurring commission charges, Albaum says.

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