MetLife Chile Inversiones SpA signed a share purchase agreement to acquire 1.52% stake in Administradora de Fondos de Pensiones Provida S.A. (SNSE:PROVIDA) from The Bank of New York Mellon Corporation (NYSE:BK) for CLP 16.4 billion on May 12, 2015. MetLife Chile Inversiones will acquire approximately 5 million shares of Administradora de Fondos de Pensiones Provida plus any other securities of Administradora de Fondos de Pensiones Provida received by The Bank of New York Mellon Corporation or the Custodian in lieu of shares less any shares that The Bank of New York Mellon Corporation is required by applicable law or contract to deliver to Administradora de Fondos de Pensiones Provida. The purchase price per share will be equal to the volume weighted average price at which the shares have traded on the Santiago Stock Exchange during the period beginning on May 7, 2015 and ending on the third business day prior to the closing date, except that the purchase price per share shall in no event be less than CLP 3,092.05 or more than CLP 3,300.

Under the terms of the transaction, in the event a superior proposal is made for the sale shares, MetLife Chile Inversiones will have 10 business days following delivery of a notice of a superior proposal to confirm that MetLife Chile Inversiones would like to purchase the sale shares on substantially the same terms and conditions set forth in the notice of the superior proposal. On June 8, 2015, MetLife Chile Inversiones was notified that an unsolicited written proposal not subject to any conditions has been received from Invesco Canada Ltd. for all of the subject shares with a purchase price per share of CLP 3,475. In connection with Invesco Canada's proposal, on June 22, 2015, MetLife Chile Inversiones delivered a written match right notice which increased the purchase price per common share to CLP 3,500. Accordingly, MetLife Chile Inversiones SpA and The Bank of New York Mellon Corporation (NYSE:BK) entered into an amended agreement to increase the purchase price per common share to CLP 3,500 on June 22, 2015. Paola Lozano of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to MetLife Chile Inversiones.

MetLife Chile Inversiones SpA completed the acquisition of 1.5% stake in Administradora de Fondos de Pensiones Provida S.A. (SNSE:PROVIDA) from The Bank of New York Mellon Corporation (NYSE:BK) for CLP 17.3 billion on July 6, 2015. MetLife Chile Inversiones acquired approximately 4.93 million shares of Administradora de Fondos de Pensiones Provida at a price of CLP 3500 per share. On August 27, 2015 MetLife received approval from Chile's pension regulator SP.