Finance History | 11 Wall Street — Fourteen Twenty-Five to Take a Mutual Insurer Public
· 2000-4
Personal memoryBy kevin · · Report an issue
Find memories left by people near you.
Distribute Bounty
This will distribute the bounty equally among all qualifying memories. This action cannot be undone.
Cancel Bounty
Are you sure you want to cancel this bounty? The remaining amount will be refunded to your account.
Success!
Operation completed successfully.
Error
Something went wrong.
Finance History | 11 Wall Street — Fourteen Twenty-Five to Take a Mutual Insurer Public
kevin
People treat MetLife as a New York life house that always printed MET after a finished New York book.
The April 2000 issuer was MetLife, Inc., the holding company created to take Metropolitan Life Insurance Company from mutual ownership by its policyholders to public ownership.
Credit Suisse First Boston priced 202 million shares at 14.25 U.S. dollars a share in 2000 dollars on 4 April 2000.
That cash slice raised about 2.88 billion U.S. dollars in 2000 dollars, less than half the earlier 6.1 billion target.
The company also distributed about 493.5 million shares to more than nine million eligible policyholders in exchange for their former ownership stake.
Trading opened on this exchange on 5 April 2000 under MET.
A New York Times account of that session put the close at 15.375 U.S. dollars in 2000 dollars, up 1.125 from the offering price.
The mechanism is a demutualization listing: a cash book sold to new investors while a much larger book was issued to the people who had already owned the mutual.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the street marker for the tape that first printed MET.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
changes?
delete this memory?
We detected that you have a Blox in your crypto wallet! We will import the Blox into your account.
Click on done below to complete the import.
Welcome Back!
Sign in to preserve cherished moments
Don't have an account?
Welcome!!
Sign up and start preserving cherished moments
?
?
Choose your payment method
Buy with Metablox Credit
Do you want to mint Blox with Metablox Credit?
Which Crypto would you like to use?
Purchase Confirmed!
Your Blox is being minted on-chain and will appear in your profile shortly.
Log in or sign up to claim your Blox.
How many credits do you want to buy?
$100 USD = 1 Metablox Credit = 1 Blox.
Use Metablox Credit to mint any Blox you want on the map.
expand_more